The U.S. Bankruptcy Court approved Republic Airways Holdings’ Second Amended Joint Plan of Reorganization.
According to documents filed with the Court, “Given the concentrated holdings of the New Common Stock upon emergence from chapter 11, a few of the large holders of New Common Stock, were they to act as a group, could control the outcome of certain actions requiring stockholder approval, including the election of directors, or block actions requiring majority or supermajority consent…On November 28, 2016, the Court entered an order granting the relief requested in the Merger Approval Motion [ECF No.1236], and, as a result, Republic Airline and Shuttle will be merged effective January 31, 2017 irrespective of whether the Effective Date has yet occurred.” Bryan Bedford, Republic’s president and chief executive officer states, “With the work of restructuring complete, we’re ready to come out of Chapter 11 laser-focused on reclaiming our leadership position in the regional airline industry by delivering outstanding operational reliability to our major airline partners, excellent customer service to our guests on board our aircraft, and maximizing future value for all our stakeholders.”
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