Mesa Set To Exit Ch. 11 Over Lender's Challenge

Law360, New York (January 21, 2011, 3:59 PM EST) -- A bankruptcy judge has approved Mesa Air Group Inc.'s Chapter 11 restructuring plan, dismissing a creditor's objection that accused the carrier of seeking to keep corporate control out of the hands of new stockholders.

Judge Martin Glenn approved the plan Thursday in the U.S. Bankruptcy Court for the Southern District of New York, saying in a corresponding opinion that lender BF Claims Holdings I LLC's objection was without merit.

BF had contested the choices for the reorganized company's board of directors, claiming that the plan allowed...
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