Republic Airways Holdings emerged from bankruptcy protection on 30 April, roughly 14 months after pilot shortages and fleet efficiencies led the Indianapolis-based company to seek court-supervised restructuring, Republic announces.
The company used the bankruptcy process to transition from a public company traded under the symbol RJET to a private, "closely held" company owned by creditors, says Republic in a media release.
It also used bankruptcy to restructure agreements with airline partners American Airlines, Delta Air Lines and United Airlines, as well as agreements with engine maker Pratt & Whitney, aircraft manufacturer Bombardier and various aircraft lessors.
In addition, Republic shuttered its Shuttle America unit in January, migrating operations under subsidiary Republic Airline.
Since filing for bankruptcy protection in February 2016, Republic grounded older aircraft, including Bombardier Q400 turboprops and 50-seat Embraer ERJ-145 regional jets, while at the same time acquiring larger Embraer E-Jets.
As of 30 March, Republic operates 170 E170s and E175s, and has plans to acquire an additional 18 E-Jets by the end of 2017, the company says.
“Today starts a new chapter for Republic,” Republic chief executive Bryan Bedford says in a media release. “We have streamlined the airline around a single fleet of E-Jets and a single operating certificate. These operational simplifications, along with restructured commercial agreements with each of our core business partners, has positioned Republic to deliver on its mission."