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January 23, 2009 LaHood Confirmed
The senate confirmed former Representative Ray LaHood as the new Department of Transportation Secretary yesterday clearing the way for his top priority, according to his confirmation hearing testimony – finding a new FAA administrator that will finally solve the controller’s labor dispute and deploy NextGen. ATA welcomed the confirmation saying it would work with LaHood to “continue to advance our core shared safety agenda while also working to reduce delays, consume fuel as efficiently as possible and make the best possible investments to meet the future needs of a growing, transportation-dependent economy."
Mesa Restructures $100M Note Holder Debt
As indicated during its recent fourth quarter conference call, Mesa Air Group entered into separate agreements with certain holders of its Senior Convertible Notes Due 2023 and certain holders of its Senior Convertible Notes Due 2024 to waive the January 31, 2009 put right for $15.6 million in aggregate principal amount at maturity of the 2023 Notes and exchange $18.9 million in aggregate principal amount at maturity of the 2023 Notes and $70.9 million in aggregate principal amount at maturity of the 2024 Notes for an aggregate of $5.6 million in cash, 13.6 million shares of the company's common stock and $14.3 million in aggregate principal amount of the company's new eight percent senior unsecured notes due 2012. Following the exchange, and assuming no other holders exercise their upcoming put rights, approximately $32.5 million in aggregate principal amount at maturity of the 2023 Notes ($13.4 million of put value on January 31, 2009) and $49.5 million in aggregate principal amount at maturity of the 2024 Notes ($28.9 million of put value on February 10, 2009) will remain outstanding. While Mesa expects to close the deals, it said they are subject to conditions, including, without limitation, the negotiation of mutually acceptable definitive agreements. Mesa intends to continue to engage in discussions with certain holders of its 2023 and 2024 Notes regarding restructuring such obligations.
"We are pleased to have reached agreement with a significant portion of our note holders under terms which we believe are in the best interest of all parties. We are continuing to negotiate with certain of the remaining holders regarding restructuring such obligations. We appreciate the willingness of our bondholders to work with us through this difficult situation and remain optimistic that the company will be successful in the long term." said Chair and CEO Jonathan Ornstein.
Daily News Archive
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- January 19, 2009
- January 12, 2009
- January 5, 2009
- December 22, 2008
- December 15, 2008
- December 8, 2008
- November 24, 2008
- November 17, 2008
- November 10, 2008
- November 3, 2008
- October 27, 2008
- October 20, 2008
- October 13, 2008
- October 6, 2008
- September 29, 2008
- September 22, 2008
- September 15, 2008
- September 8, 2008
- August 25, 2008
- August 18, 2008
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