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Republic Airways Holdings Settlement Approved

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The U.S. Bankruptcy Court approved Republic Airways Holdings’ motion to (i) approve a settlement agreement with respect to 27 Bombardier Q-400 aircraft and (ii) authorizing the Debtors to (a) reject the leases on certain aircraft and (b) assume and assign the sublease and certain vendor contracts related to the rejected leases.

As previously reported, “Republic will reject the Head Lease and the other Main Rejected Contracts (as defined in the section 3.2 of the Settlement Agreement), the Other Lease, the Other Aircraft Return Agreement, and the Other Rejected Contracts…Republic will surrender and return the Aircraft in ‘AS-IS’ condition…Republic will allow NAC to (i) an administrative claim against the Republic estate in the amount of $374,000 in connection with Republic’s postpetition use of four of the Aircraft and other expenses (the ‘Allowed Administrative Claim’) and (ii) a general unsecured claim in the amount of $47,855,336 in connection with its rejection damages under the Head Lease and related agreements.”

Read more on bankruptcies in the airline industry.

The post Republic Airways Holdings Settlement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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