Isitsafenow From United States of America, joined Feb 2004, 4984 posts, RR: 23 Posted (9 years 6 months 5 days 10 hours ago) and read 1852 times:
Doug Steenland has either resigned or will resign from the Mesaba board.
He is now on his way to MSP. There may be other news regarding Doug to be forecoming either today or tomorrow. My snitches have been burning my ears this morning and I cannot comment on the addional news because its BIG, however may be false. Stay tuned and by the way, hows Martha doing?
If two people agree on EVERYTHING, then one isn't necessary.
Item 8.01. Other Events.
On Monday, September 26, 2005, Northwest Airlines, Inc. ("Northwest") made a payment of approximately $1.6 million to Mesaba Aviation, Inc. ("Mesaba"), a wholly owned subsidiary of MAIR Holdings, Inc. (the "Company"). The payment due was for services provided by Mesaba to Northwest from September 1 through September 15. However, due to Northwest's bankruptcy petition filed on September 14, 2005, Northwest paid only that portion of the payment attributable to services provided post-petition. Mesaba estimates the total amount of its prepetition claim with Northwest to be approximately $28 million.
Although Northwest's most recent payment indicates its intent to pay Mesaba for services provided following the date of Northwest's bankruptcy filing, Northwest has also significantly reduced the number of flights Mesaba will operate for Northwest. Specifically, Northwest will remove nine Avro Regional Jets ("Avros") from service effective October 31, 2005, and Northwest provided Mesaba with notice of its intent to terminate the leases for all 35 of the Avros effective December 20, 2005. The aggregate effect of these actions will significantly reduce Mesaba's revenue and will lead to losses in the Company's third and fourth fiscal quarters. Mesaba continues to assess all available alternatives, and the Company, as the sole shareholder of Mesaba, continues to separately assess the impact of the various alternatives available to Mesaba.