Mesa Air Group has reached an agreement with Fokker Services under which the Stork Aerospace unit will acquire, manage and repair the regional's 16 Bombardier Dash 8-200 turboprop spare parts inventory.
The move is not entirely unexpected. Earlier this year Mesa chairman and CEO Jonathan Ornstein revealed that business opportunities for the struggling company's entire spare parts inventory were being studied as it seeks to get back on track.
The agreement announced today calls for Fokker Services to immediately pay Mesa approximately $3 million in cash for the spare parts as well as manage and repair the inventory of the Dash 8-200s operated by subsidiary Mesa Airlines at a flat hourly rate based on fleet flight hours.
Additionally, Mesa will receive about $1.6 million in the form of deferred monthly fee payments under the component maintenance agreement.
"This agreement provides Mesa with competitive and predictable costs for the repair and maintenance of our [Dash 8-200] parts inventory, while insuring higher levels of service than we currently experience," says Mesa VP technical services and purchasing Gary Appling.
Mesa posted a net loss of nearly $3.8 million for the three months ended 30 June. At that time, the firm's total balance of cash, cash equivalents, restricted cash, and marketable securities was $60.1 million. Cash and cash equivalents alone totalled $46.7 million.