Frontier Airlines 2006 Annual Report Download - page 54
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bankruptcy on February 1, 2006. Delta, which represented 35% of our passenger revenues for the year ended December 31, 2006, is
attempting to reorganize its respective businesses under Chapter 11 of the bankruptcy code. On March 13, 2007, we and Delta
amended our code-share agreements. Delta has submitted the amendments to the bankruptcy court for approval, and the amendments
are currently docketed for action on March 27, 2007. The amendments, if approved, provide for early removal of all 15 ERJ-135
aircraft between September 2008 and April 2009 at a rate of 2 aircraft per month, and an approximate 3% reduction in the
reimbursement rates on our ERJ-145/170 aircraft for the remaining term of the agreements. In return for these amended terms, Delta
has agreed that we will have a negotiated pre-petition claim in the amount of $91 million, and Delta will surrender all of its warrants
on approximately 3.4 million shares of our common stock. Termination of any of our regional jet code-share agreements could have a
material adverse effect on our financial position, results of operations and cash flows.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 15, 2007 Powered by Morningstar® Document Research℠