Republic Airways Holdings Inc. RJET today announced it has reached
agreements with several key stakeholders which, combined with other
initiatives taken, including placing idled aircraft back into revenue service,
will mitigate future negative cash flows at its Chautauqua Airlines subsidiary
on average by approximately $45 million annually over the next five years.
“This is an important milestone in our Chautauqua restructuring effort,” said
Bryan Bedford, chairman, president and CEO of Republic Airways. “These
agreements take us about three-quarters of the way to our stated need of $60
million in average annual cash flow improvements at Chautauqua in order to
stabilize and secure its future. We still have approximately two-thirds of our
small jet fleet of 70 aircraft operating under capacity purchase agreements
(CPAs) with less than two years remaining, so we are focused on ensuring both
our labor productivity and long-term maintenance costs of these aircraft
remain competitive.”
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