Mesaba Aviation

Situation

Regional feeder airline for a Legacy carrier
Legacy carrier with over $125,000,000 in debt filed Chapter 11
Legacy carrier defaults on payments to regional feeder airline resulting in the regional feeder airline fining its own Chapter 11

Acted as Financial advisor to the Official Committee of Unsecured Creditors
Services included review and analysis of debtor's financial projections, cash flow, business plan, incentive compensation plan and claims analysis
Facilitated arrangement of $24 million debtor-in-possession financing
Negotiated the sale of the regional airline to the legacy carrier
Court appointed liquidating trustee in a post-confirmation $125 million liquidating trust for regional airline bankruptcy
Services included management of the trust, litigation of disputed claims, claims negotiation and settlement of claims and disbursement of funds for allowed claims

The regional airline was sold to the Legacy carrier
The unsecured creditors received 100% of their pre-petition claims plus accrued interest in cash
In addition, approximately $25 million in cash was returned to existing equity holders