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Republic Airways Holdings Chapter 11 Petition Filed

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According to the U.S. Bankruptcy Court docket, Republic Airways Holdings and six affiliated Debtors filed for Chapter 11 protection in Manhattan, NY. In connection with the Chapter 11 filing, the Company named Lars Arnell to the role of senior vice president and chief restructuring officer. In his new position, Arnell will be responsible for all restructuring activities at the airline and its subsidiaries during the pendency of the bankuptcy. Arnell’s duties include implementing procedures and processes designed to immediately improve the core business as well as cohesive strategies aimed at ensuring the long-term success of the Company. Arnell was previously Republic Airways Holdings’ senior vice president of corporate development.

Republic Airways Holdings’ chairman, president and chief executive officer, Bryan Bedford, comments, “Over the last several months, we’ve attempted to restructure the obligations on our out-of-favor aircraft – made so by a nationwide pilot shortage – and to increase our revenues. It’s become clear that this process has reached an impasse and that any further delay would unnecessarily waste valuable resources of the enterprise. Our filing today is a result of our loss of revenue during the past several quarters associated with grounding aircraft due to a lack of pilot resources, combined with the reality that our negotiating effort with key stakeholders shows no apparent prospect of a near term resolution.”

The airline holding company is represented by Bruce Robert Zirinsky of Zirinsky Law Partners. Read more RJET bankruptcy news.

 

The post Republic Airways Holdings Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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