Mesa Air Group Inc. (NASDAQ: MESA) filed for Chapter 11 bankruptcy protection on Tuesday, according to Associated Press.
Mesa, which currently runs 130 aircraft, hopes the filing will give the company time to reorganize its operations, in addition to allowing it to eliminate its extra planes and become more competitive.
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Mesa said Tuesday that its go!-Mokulele Hawaiian joint venture with Mokulele Airlines is not included in the bankruptcy filing and will run a full flight schedule.
In November, United Airlines (NYSE: UAL) chose not to extend a deal under which Mesa ran 26 regional jets for that carrier. The company also runs regional flights for carriers including Delta Air Lines (NYSE: DAL), which seeks $70 million in damages, and US Airways (NYSE: LCC).
Mesa voluntarily filed its Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York.
Mesa shares, which have traded between 1 cent and 36 cents over the past 52 weeks, closed Monday at 12 cents. Mesa operates flights as Delta Connection, US Airways Express and United Express under agreements with Delta, US Airways and United Airlines.
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