Press


News

RSS
06/01/2010
At: Announcements

 COMMUNIQUÉ – RESTRUCTURING OF MESA AIR GROUP

Communiqué - Restructuring of Mesa Air Group

 

São José dos Campos, January 6, 2010 – As released to the market on January 5, Mesa Air Group filed for Chapter 11 bankruptcy protection in a district court of the City of New York. The company, whose fleet includes 36 ERJ 145 aircraft, has announced that it will soon present an economic restructuring plan, and that it intends to continue its operations, as well as its operational agreements with other airline companies.

Embraer is awaiting the presentation of the restructuring plan, in order to assess any eventual impact on its balance sheet and financial results, and points out that: 1- it is not a creditor of the Mesa Air Group; 2- it has warranty obligations associated with the financing structures of the 36 ERJ 145 jets, in which it holds US$ 67 million in escrow accounts; 3- this amount is held in reserve in addition to the present standing of Embraer’s cash position and is a part of the US$ 493.2 million held in escrow and duly recorded in the financial statements for fiscal year 2008; and 4- as of this moment, Mesa Air Group is not in arrears with these financing structures.

PRESS OFFICES

RSS