Helane,
I don’t think we know yet what stakes are still held by AA/UA/DL. Here’s what
I can see. Maybe your experience in this area means you know a lot more than I
do about where to look for the most current information.
When Republic exited Chapter 11 (May 2017), equity in the reorganized holding
company was distributed:
American Airlines Group — 25.0%
United Airlines — 19.16%
Delta Air Lines — 17.35%
Other creditors (incl. Embraer, GE Capital, etc.) got the remainder.
Republic has been private since 2017. I can’t find any subsequent filing saying
American, Delta, or United divested (or increased) their post-2017 stakes.
Republic and Mesa agreed to an all-stock merger. The company should trade
under on NASDAQ as RJET post-close.
* Republic shareholders get ~88% of the new company. AA/DL/UA would take
pieces of this.
* Mesa shareholders get 6–12% depending on pre-close criteria. United had
a 10% since in Mesa since 2023 and filed an updated Schedule 13D/A when the
merger was signed. That filing describes a “Three Party Agreement” under which
a primary issuance equal to 6% of the post-merger shares will occur at closing
and is first available to United to the extent of its agreed financial
contributions. So United can capture some/all of that 6% new issuance, on top
of whatever its Mesa stake converts into.
The merger is expected to close in the upcoming weeks (by ‘early Q4’). Then
the SEC registration statement gets declared effective, there are NASDAQ
listing requirments, etc. but we should see a public RJET before end of Q4.
And as part of that we should know who the largest owners still are.
Best,
Gary
From: Helane Becker via Mifnet <mifnet@lists.mifnet.com>
Sent: Thursday, September 11, 2025 4:03 PM
To: mifnet@lists.mifnet.com
Cc: Helane Becker <becker32...@hotmail.com>
Subject: [Mifnet 🛰 74076] Re: source of Avelo funding
Addison
EMB had a stake in Republic post bankruptcy but I think they sold it. I think
AA, DL and UA still have their stakes. With the MESA merger we should be able
to look in public filings.
Helane
Sent from my iPhone
On Sep 11, 2025, at 2:20 PM, Addison Schonland via Mifnet
<mifnet@lists.mifnet.com> wrote:
Heard this whisper yesterday – EMB bought a stake in Avelo. EMB also has a
stake in Republic, I’ve been told.
Regards,
Addison Schonland
<http://www.airinsight.aero/> www.airinsight.aero
(858) 536-9900
(858) 682-4931 – WhatsApp
From: Jack Keady via Mifnet <mifnet@lists.mifnet.com>
Sent: Thursday, September 11, 2025 2:14 PM
To: David Wardell via Mifnet <mifnet@lists.mifnet.com>
Cc: Jack Keady <jjke...@aol.com>
Subject: [Mifnet 🛰 74066] source of Avelo funding
keady - somewone remind me please, how Avelo got the funds to make this
purchase:
Brazil’s Embraer lands first U.S. order for E2 jets with Avelo Airlines buying
50 planes
Brazilian airplane maker Embraer has landed its first U.S. sale of its
efficient but slow-selling E2 jets with a 50-plane deal from startup carrier
Avelo Airlines. Avelo first started flying in April 2021 with used Boeing 737s
but has struggled and recently exited a host of cities on the West Coast. It
has also turned to flying deportees for U.S. Immigration and Customs
Enforcement, which has sparked protests, demonstrations and backlash from some
politicians. The low-cost airline focuses on smaller cities, with a large
operation out of Connecticut.
<https://ytezitcab.cc.rs6.net/tn.jsp?f=001bBpTRwWGol7sD71K80mowXqgcdIdXPMNwwHn7w3OoCUppl_xuc5QX-3twb-dWU5J1OUkgtrqgD2G01pG4gknwpG-_a4vLHzEMTW1BRj-TNuxJekPsO65w1M9Lhs_Hl14HgYlPw8Bqom8y4h0CPZMZiRNWbj8sx-YQgyyrQU8A1Iv4HgeDMCIdKHGnnydxBPFgKae47lC3OEAlF6ibCpjnw==&c=r3N6rBuVke7YB3CO222Zx5wCQ2bOiZxJeEZ5SnGVzKDipV7cDREM1A==&ch=oFBbkE9HWQdR039m-xdb4ijkSQKaeJlxkvBh01i-c2Px0D1OqUqDyg==>
Leslie Josephs/CNBC
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