Mesa Reaches $912M Settlement Over Aircraft Leases

Law360, New York (February 18, 2011, 5:48 PM EST) -- Bankrupt airline operator Mesa Air Group Inc. has reached a $912 million agreement with Brazil's industrial financing agency over airplane lease agreements, reducing the original claims sought by more than $246 million.

The Phoenix-based airline reached an agreement with Brazil's Special Agency for Industrial Financing, known as FINAME, that resolves claims related to Mesa's lease of 36 ERJ-145 aircraft financed by the agency, according to papers filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York.

The parties agreed that FINAME will...
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