Mesa Air Descends Into Ch. 11 Due To Lease Woes

Law360, New York (January 5, 2010, 12:54 PM EST) -- Troubled regional airline Mesa Air Group Inc. has filed for Chapter 11 bankruptcy, saying too many aircraft lease obligations have weighed down the company.

Mesa filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York on Tuesday, reporting assets of $976.5 million and liabilities of approximately $868.6 million as of Sept. 30, 2009.

The air carrier vowed in a statement Tuesday that the company will continue to operate without interruption, and said its code-sharing arrangements with other airlines, including US...
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