midway's return?

[gilbertguy]

As the pieces seem to be falling into place, what''s the status of Midway?
They were having problems ''mustering'' the money together to return in Oct. Any idea on their startup as a RJ operator?

 

[gilbertguy]

On 9/27/2002 450 PM RDU Jetblast wrote:

They just auctioned all of their ground equipment, maintenance equipment, computers and furniture last weekend. Their hope was to raise some cash from the auction but there hasn't been any news on the results of the sale. I think Bob plans to load, fuel, fix and fly all by himself.

 

[RDU Jetblast]

They just auctioned all of their ground equipment, maintenance equipment, computers and furniture last weekend. Their hope was to raise some cash from the auction but there hasn't been any news on the results of the sale. I think Bob plans to load, fuel, fix and fly all by himself.

 

[RDU Jetblast]

Only 3.5Mil. JI needed to raise an additional 5Mil. Along with the auction, they're seeking investment capital.

 

[JI Guy]

Hey Jetblast...any links to the N&O on JI?? Thanks..

 

[airknocker]

Didn't Wexford Management,aka Republic/Chautaugua/Shuttle America, loan Midway $8 million early this year? Whats the status of that money?

 

[Ex-Midway]

I'm kinda guessin' they spent it-or most of it anyway...

Supposedly, the company and the pilots finally reached a no-kidding tentative agreement which should be signed soon.

Word is--the only stumbling block was the pilot's contract and now that hurdle is cleared.

 

[gilbertguy]

Thanx for the updates....good luck to you Midway folks.....see you around at US Express.....

 

[JI Guy]

Wexford will own this carrier soon enough....They provided DIP financing...

 

[RDU Jetblast]

I don't know about that. JI successfully managed to double dip on their collateral. For example, JI promised aircraft parts to Wexford at discounted prices but quietly sold them to the highest bidder. This bothered Wexford who complained to the BK court. If I understand the USAir loan, in order to secure it, JI used slots into Reagan and LGA as collateral if they default or fail to get into the air by a certain date. I remember reading that these slots were also promised to Wexford but I don't trust my long term memory on that one. As for the Wexford loan, WRAL reported a while back that they burned through 10 Mil of it.

I don't have links but I believe you can pull the stories from the N&O website.