Judge OKs Republic Airways bankruptcy-reorganization plan
The approval clears the way for the Indianapolis-based airline to emerge from Chapter 11 as a privately held company by the end of the month.
The approval clears the way for the Indianapolis-based airline to emerge from Chapter 11 as a privately held company by the end of the month.
If a bankruptcy judge approves the incentive plan, six senior executives of the commuter carrier would split as much as $4.7 million in bonuses over the next three quarters.
A years-long contract dispute between the airline, officially Republic Airways Holdings Inc., and the labor union that represents its pilots has grown bitter under the stress of a new lawsuit.
Republic CEO Bryan Bedford told investors that crew-related flight cancellations rose throughout the first quarter and continued at a high level in April and May. The labor shortage will reduce revenue by an estimated $15 million this year, the company said.
Indianapolis-based Republic Airways Holdings Inc. has spent the past year since selling its passenger service, Frontier Airlines, getting back to its basics of contract flying and trying to ramp up profit in part by transitioning to a fleet of larger planes.
The Indianapolis-based regional carrier plans to tie up negotiations with a prospective buyer, believed to be headed by former Spirit Airlines Inc. Chairman Bill Franke.
Republic Airways Holdings and the union that represents its pilots are so far apart in contract talks that the National Mediation Board in Washington, D.C., won’t schedule more meetings between the parties. Republic has agreed to higher pay, but the union wants significant changes to work rules that affect quality of life and, the union insists, passenger safety.
The CEO of feeder airline operator Republic Airways Holdings Inc. said on Wednesday that new Bombardier jets could be flown in the United States in a partnership with one of the big airline alliances.
Indianapolis-based airline holding company and its leader stir passions in city hit hard by Frontier cutbacks.
Two years after regional carrier Republic Airways Holdings made a gutsy move into the branded airline business by buying Frontier Airlines and Midwest Airlines, its stock price is down nearly 60 percent.
Republic Airways Holdings not only beat analysts’ second-quarter estimates this year, but also posted a profit. But just weeks after the new player in scheduled service announced those solid results, arch-enemy Southwest Airlines announced it was buying AirTran for $1 billion.
Bryan Bedford, CEO, president and chairman of Indianapolis-based Republic Airways, will appear in an episode of “Undercover Boss” this season, CBS-TV announced.
Indianapolis-based Republic Airways Holdings Inc., owns both Midwest Airlines and Frontier Airlines, says it will begin using
the Frontier name for the operations of both carriers.
CEO Bryan Bedford remains at the helm, but shares of Republic Airways have fallen nearly 30 percent following the departure
of an executive deemed key to the operation
of the regional airline’s first two branded carriers, Frontier Airlines and Midwest Airlines.
For the head of an 11,000-employee company, Bryan Bedford has all the profile around these parts as a participant in the
federal witness protection program.
Navigating the intersection between creed and commerce can betricky. Fearing lawsuits, many companies prefer to avoid it whenever
possible. But others unabashedly intertwine religion and business.