Shares in Republic Airways Holdings Inc. jumped almost 80 percent Monday after the company reached a tentative agreement with its pilots union that eases concerns of a possible bankruptcy filing.
Federal mediators set a Sept. 16 meeting that may rekindle contract negotiations with the Republic’s pilots union and help avoid a bankruptcy filing.
Republic Airways Holdings Inc. shares bounced back quickly Wednesday afternoon after the airline’s pilot union said it was ready to resume talks on a contract, easing investor concern of a possible bankruptcy.
Shares in Republic Airways Holdings Inc. continued to plunge Wednesday morning on investor concern that a bankruptcy is possible after Teamsters officials declined to force a vote on the regional carrier’s final contract offer to pilots.
Republic Airways Holdings Inc. may be moving closer to a possible bankruptcy after national Teamster officials backed a local pilot union’s decision against voting on the carrier’s final contract offer.
Republic Airways Holdings Inc. could be facing bankruptcy after a pilots union recommended against allowing members to vote on the carrier’s latest and possibly final contract offer. Company shares fell 37 percent Wednesday.
Republic Airways Holdings Inc., struggling with a pilot shortage as it works to reach a new contract, said the company may have to seek bankruptcy protection if its latest labor proposal fails.
Republic Airways Holdings Inc. hit the mark late last month when it warned investors that second quarter financial results would be worse than expected due to an ongoing labor dispute with pilots.
The $3.85 million project would allow the regional carrier to train as many as 5,000 employees per year.
Republic Airways Holdings Inc. shares soared Wednesday morning to their biggest-ever intraday gain, clawing back from a record plunge earlier this week caused by concern that a pilot shortage will disrupt the regional flying it does for bigger U.S. carriers.
Republic Airways Holdings Inc. stock dove Monday morning after the Indianapolis-based company slashed its profit outlook and warned of more flight interruptions from an ongoing labor dispute with pilots.
The Teamsters sued Republic, Shuttle America and parent Republic Airways Holdings Inc. last week in federal district court in Indianapolis. The union, which has been negotiating for a new contract since 2007, said the extra pay undercuts its bargaining position.
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.
Indianapolis-based Republic Airways Holdings Inc. on Tuesday reported higher revenue and profit in the third quarter.
Indianapolis-based Republic Airways Holdings Inc. provides scheduled passenger services on approximately 1,390 flights daily to 118 cities in the U.S. and Canada through flights operated under airline partner brands including American Eagle, Delta Connection, United Express and US Airways Express.