Originally Posted by
Releasemaster
After reviewing this exhibit it includes all YV/F8 CR2,DH8 and ERJ aircraft.
What exactly does 'date to be determined' mean? Does this mean Mesa intends to return all aircraft listed? Will this happen sooner or later and do returns have to be completed before exiting BK?
If Mesa does return all these aircraft it will eleminate Go! Freedom, all US CR2 and DH8 flying. Mesa will have 20 CR7 and 38 CR9 acft left.
Releasemaster,
This order gives MAG permission to:
-- Reject immediately (as of January 25th, 2010)
"excess leased equipment". Items are five engines listed as (2 GE CF34-3B1's, 1 ea. GE CF34-8C1, 1 Rolls Royce AE3007, and 1 GE CR34-8C5).
--Reject leases/subleases
"on date to be determined, subject to further notice". Items are 16 Dash 8's, 46 CRJ-200's, 38 ERJ-145's, 12 GE CR34-3B1's, 7 Allison AE300-7A1's, and 4 P&W PW123D's.
--Abandon
"excess owned equipment on date to be determined, subject to further notice". Items are 2 CRJ-200's.
This order provides MAG the ability to reject leases and/or abandon aircraft and engines if it fits into their reorginization plan. The plan still has to be approved by the Creditors and the Judge and claims can still be submitted at this time. It allows MAG to strengthen their reorganization plan.
In addition to the Dash-8's and CRJ-200's, the ERJ's are also listed and may be returned or remain in service depending on the outcome of the Delta litigation. We'll know a lot more after the financial disclosure and the Creditor's Meeting.
In their required monthly operating report (MOR) for January MAG reports:
Revenue: $61,869,000
Total Operating Expenses: $59,714,000
Operating Income: $2,155,000
Net Income: $542,000
Total Assets: $958,191,000
Total Liabilities: $852,196,000
Total Stockholder's Equity: $105,995,000
Cash and Cash Equivilents at Beginning of January: $29,233,000
Cash and Cash Equivilents at End of January: $67,471,000
Cash and Cash Equivilents Difference: $38,238,000
Jonathan Ornstein's Wages for January: $39,384
winglet