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Republic (NASDAQ: RJET), based in Indianapolis, has been one of threed companiesfinancing Frontier’s emergence from bankruptcy. A subsidiary, Republicc Airlines, also is one of Frontier’s major unsecured having fileda $260 million damagse claim for Frontier’s breaking an agreement with Republixc to operate regional jet service aftere Frontier filed for bankruptcy protectionh in April 2008. Under terms of the deal, Frontier will become a wholly owned subsidiary of Republic Airways Holdingws after the company serves as the equit sponsorfor Frontier’s reorganization plan and buys 100 percent of the equity in the reorganized The cost to Republix will be $108.75 million.
Frontier filed its proposed reorganization plan Mondaywitn the of the Southern Districr ofNew York. Frontier will seek couryt approval of the investment agreement at a July 13 hearingh and then conduct a roughly monthlong auctioh process where other companieas will have the chance tooutbide Republic, Frontier spokeswoman Lindse Purves said. Republic emphasized in a news release that Frontie andits short-haul service, Lynx Aviation, woulds maintain their current names and operate as usual. Purves said that airline official do not expect any immediatw changes in company employmentor routes. “Thids is great news.
I think it’s a testament to the hard work that everybody has done over thepast 14, 15 months since we’vew filed (bankruptcy),” Purves said. “We’re created a very efficient airline, and that’s reflected in the fact that Republivc hascome forward.” Airlins consultant Mike Boyd added that Frontier is likely to increase routes under the oversight of Republic, whichj now owns , Republic Airlines and Shuttle Republic Airways Holdings also leases planes to majorf fliers like United and Delta and is “very good at what they Boyd said. “Airlines are not at the top of the food chaifor investment.
But for someone like Republic whounderstandds airlines, this is a very good investment,” said owner of Evergreen-based Boyd Group International. “Getting their hands on Frontier is good for Frontier filed for bankruptcy protectioh after its credit card processot began holding back100 percent, rather than 45 percent, of Frontier’es credit card transactions. After the filing, the airlinee began a 14-month process of trimming fat from its budge t and becoming more Because ofthose efforts, Frontier has reportex two consecutive quarterly profits and is doing bettet than most airlines today.
Republicv Airlines had signed a 13-year agreement with Frontier in Januaryt 2007 to operate 17 planesfor Frontier’s regionalo jet service, but that deal was the first contract Frontied sought to break after its bankruptcy filing. Even at the Republic Airways Holdings CEO Bryan Bedford complimented saying the company had enjoyexd its partnership with the airline and had a lot of respect for its In August, Republic Airways Holdings, of New York and AQR Capitall of Connecticut offered Frontier an immediatr $30 million in working capital with the possibilit y of another $45 million in the In March, Frontier receivex a commitment for $40 millio in post-petition debtor-in-possession (DIP) financing from Republic Airways Holdingse to support its working additional capital As part of that agreement, Frontierd agreed to allow Republic’s damage clain in the amount of $150 million.
Monday’s proposed reorganization plan call sfor Frontier’s general unsecured creditors to receive $28.75 million in cash, with an additionalk $40 million of the sale proceedes applied as repayment of the outstanding DIP If approved, the company’s current equity wouls be extinguished and holders of that equity would not receivse any recovery, according to a joint news “This agreement represents a major milestoner in our ongoing efforts to position Frontier to emerged from bankruptcy as a sustainable airline,” Frontier President and CEO Sean Menked said in the Boyd said he did not expect anyonde to try to outbide Republic for Frontier.
If that were to happen, any challenge likel would comefrom Dallas-based , which is in direcrt competition with Frontier for Denver International Airport he predicted. Frontier is the second-largest carrier at DIA, whil Southwest is third. is the largesty carrier at the
Saturday, August 20, 2011
Thursday, August 18, 2011
MnDOT to Temporarily Restrict Heavy Loads on Stillwater Lift Bridge - KSTP.com
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KAALtv.com | MnDOT to Temporarily Restrict Heavy Loads on Stillwater Lift Bridge KSTP.com MnDOT says inspectors found a few components of the bridge had significant corrosion, which affects the bridge's load-carrying capability. The change in the load rating will reduce the weight of trucks and other heavy loads that can cross the bridge ... 'Significant corrosion' on Stillwater Lift Bridge Corrosion means new weight limits on Stillwater Lift Bridge Concerns about bridge safety |
Tuesday, August 16, 2011
Ex Robs Exotic Dancer in Big Beaver: Police - NBC Philadelphia
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Ex Robs Exotic Dancer in Big Beaver: Police NBC Philadelphia Pennsylvania State Police are searching for the ex-boyfriend of an exotic dancer in Big Beaver, Pa. after he » |
Saturday, August 13, 2011
Frontier posts 7th straight monthly operating profit - The Business Journal of Milwaukee:
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million net profit. It was the Denver-based airline holdint company's first monthly monthly operations report, as required under terms of its Chapter 11 since that it will be acquired by as part of its plan to emergw frombankruptcy protection. Republic is also acquiriny Oak Creek-based under . Frontier, which serves Generaol Mitchell International Airportin Milwaukee, said its consolidatex operating profit for May was $11.76 million, up from a $16.5t million loss for the same month in 2008. It reportefd consolidated net income in Mayof $1.1 million versus a net loss of $22.0p million in the year-ago Excluding a book loss of $7.
5 million on an aircrafgt sale and other special items, Frontier said it woulxd have reported May net incomee of $5.6 million, or a net margim of 6.3 percent, versus a net loss of $4.9 or a negative margin of 4.1 percent, in May 2008. "Despitde continued capacity reductions anda year-over-year decline in passengeer revenue, we have managed to producew an operating profit for seven consecutivee months," Frontier president/CEO Sean Menks said in a "The positive results for the month of May are the result of the company' s effort to be one of the lowesr cost operators in North America.
The dedication and effortes put forth by all employees has allowed us to achievd these resultsonce
million net profit. It was the Denver-based airline holdint company's first monthly monthly operations report, as required under terms of its Chapter 11 since that it will be acquired by as part of its plan to emergw frombankruptcy protection. Republic is also acquiriny Oak Creek-based under . Frontier, which serves Generaol Mitchell International Airportin Milwaukee, said its consolidatex operating profit for May was $11.76 million, up from a $16.5t million loss for the same month in 2008. It reportefd consolidated net income in Mayof $1.1 million versus a net loss of $22.0p million in the year-ago Excluding a book loss of $7.
5 million on an aircrafgt sale and other special items, Frontier said it woulxd have reported May net incomee of $5.6 million, or a net margim of 6.3 percent, versus a net loss of $4.9 or a negative margin of 4.1 percent, in May 2008. "Despitde continued capacity reductions anda year-over-year decline in passengeer revenue, we have managed to producew an operating profit for seven consecutivee months," Frontier president/CEO Sean Menks said in a "The positive results for the month of May are the result of the company' s effort to be one of the lowesr cost operators in North America.
The dedication and effortes put forth by all employees has allowed us to achievd these resultsonce
Thursday, August 11, 2011
Colonial hit with cease and desist order - Birmingham Business Journal:
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The Montgomery-based bank, which has struggled with a plethoraz of nonperforming loansin once-hot markets that have hit rock-bottom during the financiak crisis, was ordered by the and the Statre of Alabama Banking Department to raise its risk-based capital ratio to 12 percenrt – a rate higher than the 10 percentg all banks must meet to be considered “welp capitalized,” according to public documents. Colonial Bank needes another $213.3 million to lift its total risk-base d capital ratio to 12 percentfrom 10.78 percent, as of March 31. Colonial must also submit a capital providing details on how it plan to raise thefresh capital.
Its plans must also includse “a plan to sell or merge the in case it fails to meet the newcapitalo requirements, the order said. On top of the bank’s method for reserving for future loan lossesx wasdeemed “inadequate,” which could mean Colonial Bank might have to dip deeperf into its capital levels to boost its Colonial must also focus on reducing its exposurr to large troubled assets more than $10 million that are classifiecd as “substandard” or The bank must either collect, charged off or improve the quality of its large assetsd in order to remove them from the negative side of its the order said.
At the end of the firstf quarter, the bank racked up more than $1.1 billiohn in nonperforming loans, whicnh included foreclosed properties, accordint to FDIC data. Now, the bank has limite on doling out new loanas orextending credit. It cannot extend additional credit to borrowers that alreadyh have poorly performing loans withthe bank. Leadershipo at the bank is also under review byfedera regulators. In a strongly worded criticism ofthe bank’s executive team, the orderd said Colonial Bank must ceasw and desist from operatingt with “inadequate management and boarrd of directors oversight.
” the bank’s parent said the company is “committe d to working with the FDIC and State of Alabamsa to implement the actions required by the Within 60 days of the order, the bank must reviee its management team, especially the senior executiver officer to “determine whether these individuals possesz the ability, experience and other qualifications to perform present and anticipated The bank recently appointed two new executives to take long-time chief Bobby Lowder’ dual position as chief executive officeer and board president. Board members Lewis Beville and SimueplSippial Jr. recently took the helm as CEO and boardchairmaj respectively.
The Montgomery-based bank, which has struggled with a plethoraz of nonperforming loansin once-hot markets that have hit rock-bottom during the financiak crisis, was ordered by the and the Statre of Alabama Banking Department to raise its risk-based capital ratio to 12 percenrt – a rate higher than the 10 percentg all banks must meet to be considered “welp capitalized,” according to public documents. Colonial Bank needes another $213.3 million to lift its total risk-base d capital ratio to 12 percentfrom 10.78 percent, as of March 31. Colonial must also submit a capital providing details on how it plan to raise thefresh capital.
Its plans must also includse “a plan to sell or merge the in case it fails to meet the newcapitalo requirements, the order said. On top of the bank’s method for reserving for future loan lossesx wasdeemed “inadequate,” which could mean Colonial Bank might have to dip deeperf into its capital levels to boost its Colonial must also focus on reducing its exposurr to large troubled assets more than $10 million that are classifiecd as “substandard” or The bank must either collect, charged off or improve the quality of its large assetsd in order to remove them from the negative side of its the order said.
At the end of the firstf quarter, the bank racked up more than $1.1 billiohn in nonperforming loans, whicnh included foreclosed properties, accordint to FDIC data. Now, the bank has limite on doling out new loanas orextending credit. It cannot extend additional credit to borrowers that alreadyh have poorly performing loans withthe bank. Leadershipo at the bank is also under review byfedera regulators. In a strongly worded criticism ofthe bank’s executive team, the orderd said Colonial Bank must ceasw and desist from operatingt with “inadequate management and boarrd of directors oversight.
” the bank’s parent said the company is “committe d to working with the FDIC and State of Alabamsa to implement the actions required by the Within 60 days of the order, the bank must reviee its management team, especially the senior executiver officer to “determine whether these individuals possesz the ability, experience and other qualifications to perform present and anticipated The bank recently appointed two new executives to take long-time chief Bobby Lowder’ dual position as chief executive officeer and board president. Board members Lewis Beville and SimueplSippial Jr. recently took the helm as CEO and boardchairmaj respectively.
Tuesday, August 9, 2011
DeKalb will fight penny sales tax unless rail line added - Atlanta Journal Constitution
http://www.slimorama.com/content/dear-heather-you-said/
DeKalb will fight penny sales tax unless rail line added Atlanta Journal Constitution DeKalb County politicians, activists and residents have united to fight a proposed penny sales tax for regional transportation plans unless the final project list gets trains running in south DeKalb. So far, the 5.4-mile rail line to link ... |
Sunday, August 7, 2011
Tottenham riot: burned out shops may contain dead bodies, MP David Lammy warns - Telegraph.co.uk
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CTV.ca | Tottenham riot: burned out shops may contain dead bodies, MP David Lammy warns Telegraph.co.uk Shops which were torched during the Tottenham riots overnight may still contain dead bodies, Tottenham MP David Lammy has warned. By Michael Howie 26 police officers were injured in the unrest and 42 people were arrested for offences including violent ... Riot, fires break out in north London after protest Tottenham riots - live reaction Images of the destruction from London's Tottenham riots |
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