Mesa Air Group $912.45 million Finame claim settlement approved

By Caroline Salls

Pittsburgh, Feb. 18 - Mesa Air Group, Inc. received court approval of a claim settlement with Agencia Especial de Financiamento Industrial - Finame and aircraft security trustee U.S. Bank NA, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Mesa said it leased 36 aircraft from various owner trustees before it filed for bankruptcy, and Finame financed the owner trustees' purchase of the aircraft.

In March 2010, the company entered into a stipulation with U.S. Bank, at Finame's direction, to establish the terms and conditions of Mesa's post-bankruptcy use, surrender and return of the aircraft after it rejected the leases.

After the leases were rejected, Finame filed two $36.54 million administrative claims related to rejection damages, as well as two $543.04 million general unsecured claims.

Under the settlement, Finame will have a total of $233,313 in administrative claims.

Finame will also have a $456.11 million claim against Mesa Airlines and a $456.11 million claim against Mesa Air Group.

Mesa Air, a Phoenix-based provider of passenger and airfreight services, filed for bankruptcy on Jan. 5, 2010. The Chapter 11 case number is 10-10018.

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