Republic Airways Holdings Inc. (OTC: RJETQ) has reached an agreement with United Airlines that secures the long-term relationship between the two airlines, the company said.
The motion was filed in the United States Bankruptcy Court for the Southern District of New York keeps Republic on a path towards reorganization and emergence from bankruptcy by the end of year.
The parties anticipate that the motion will be heard on June 15, 2016.
The amended agreement would provide for the uninterrupted flying of all 54 E170s and E175s currently operated by Republic for United and also for future Ejet flying by Republic for United through term extensions to all current E170 aircraft and, subject to certain conditions, expected further deliveries of E175 aircraft under revised new delivery schedules. The new agreement will become effective upon issuance of the approval order by the court.
Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are serving as Republic´s legal advisors in the restructuring. Seabury Securities LLC is serving as Republic´s financial advisor. Sidley Austin LLP is serving as United´s legal advisor.
Republic Airways Holdings, based in Indianapolis, is an airline holding company that owns Republic Airline and Shuttle America Corporation. The airlines offer 1,000 flights daily to 105 cities in 38 states, Canada, the Caribbean and the Bahamas through Republic´s fixed-fee codeshare agreements under our major airline partner brands of American Eagle, Delta Connection and United Express. The airlines currently employ about 5,800 aviation professionals.