Mesaba Leaves the Grip of Bankruptcy
Mesaba Airlines left bankruptcy protection on Tuesday, not as a regional airline with a contract to fly with Northwest, but as a wholly owned subsidiary of the still-bankrupt airline.
Under terms of the Northwest acquisition plan, Mesaba creditors will receive a $145 million unsecured claim in Northwest's reorganization. Northwest also agreed in January to sell its Mesaba stock holdings back to Mesaba.
Biggest change on the horizon? Mesaba is scheduled to start taking delivery of 36 brand-spanking new 76-seaters from Embraer between now and the end of 2008.