After more than a year, Indianapolis-based Republic Airways Holdings Inc. has officially emerged from Chapter 11 reorganization. The parent of Republic Airline will now continue as a privately-held company after its reorganization plan was approved last month by a judge for the U.S. Bankruptcy Court for the Southern District of New York.
The company filed for Chapter 11 in February 2016 due to several quarters of revenue losses which the company said at the time was due to grounded aircraft as a result of a lack of pilot resources. Chief Executive Officer Bryan Bedford says emerging from Chapter 11 "starts a new chapter" for the company.
"We entered this restructuring process with specific objectives: To restructure Republic into an airline that produces consistent and outstanding operational reliability; to simplify our business model in order to drive financial and operational efficiencies; and to ensure Republic remained an employer of choice for its current and future aviation professionals," said Bedford. "I am pleased that we accomplished all of our restructuring goals timely. Our future success will be determined by how well Republic continues to deliver these competencies."
Bedford says the company has streamlined itself around a single fleet of E-Jets and a single operating certificate. He says that, along with restructured commercial agreements with core business partners, will allow Republic to deliver on its mission.