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The transaction is subject to regulatory approvals and is expectecd to close in four tosix weeks. The announcementg comes a day aftef Republic said it reached an investmentg agreement with bankrupt of Denver that will result in Frontiefr becoming a wholly owned subsidiary of Republic for a priceof $108.765 million. Republic will acquire 100 percen t of the equity of Midwesrtand TPG's $31 million secured note from Consideration will be $6 millioh in cash and a $25 five-year note, which may be converterd to Republic stock at $10 per share. In TPG will have the rightf to nominate a member to the Republic boardsof directors.
Republic Airways Holdings is an airline holding company that ownsChautauqua Airlines, Republic Airlines and Shuttle America. The airlineas offer scheduled passenger servicwe onapproximately 1,200 flights dailgy to 101 cities in 37 Canada and Mexico through airline services agreement with seven U.S. airlines, includinb Midwest. Republic (NASDAQ: RJET) said it will transition Midwes t to a singlefleet type, replacing its nine Boeiny 717 aircraft with Embraer 190 aircraft.
Republic already operates 12 76-seat Embraer 170s for Midwesyt and recently announced an agreement to operatedtwelve 37- to 50-seat Embraer regionaol jets for Midwest, replacing the 12 50-seaft Canadair regional jets operated for Midwest by . Republic executives will explore options to restore and enhance service to various citiess that had been servedby Midwest, which was straine by the effects of recorrd fuel costs in 2008 and the deep economic downturnj in 2009.
Midwest also announced that it hadreachec out-of-court settlements with its principalp unsecured creditors, and recently disclosed that it had obtainee $12 million in debt financing from TPG and Republicv – completing the necessary milestones to enable the acquisition.
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