Mesa Turns to Markets to Boost Cash

Just a few weeks after analysts were predicting bankruptcy for Mesa Airlines, the company said if it unable to offer and sell $37.8 million in new common stock it cannot “guarantee the company would have adequate cash resources.” Related Story  It is hoping shareholders will approve the new offering at its annual shareholders meeting tomorrow with the financial infusion going to pay down senior convertible notes. The move comes at a time when other carriers continue to buy back their shares. As the carrier struggles to regain its footing from the nearly $60 million settlement for Hawaiian airlines as well as general economic conditions and the loss of some of its Freedom Airlines Delta flying – worth $20 per month – its shares have dropped 75 percent just since January, coming in at 74 cents on Friday. In addition, its go! operation has reportedly lost $20 million since its inception.