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Assets Held for Sale | 12 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | 7. Assets Held for Sale During the year ended September 30, 2023, management disposed of our remaining CRJ-200 aircraft and our remaining CRJ-700 aircraft besides two which are leased to a third party. Additionally, management continued our plan to sell certain of our CRJ-900 aircraft, and determined that 14 CRJ-900 aircraft met the criteria to be classified as assets held for sale during the year ended September 30, 2023. We have a total of 15 aircraft held for sale as of September 30, 2023, all of which are CRJ-900 aircraft. These aircraft are presented separately in our condensed consolidated balance sheet at the lower of their current carrying value or their fair market value less costs to sell. The fair values are based upon observable and unobservable inputs, including recent purchase offers and market trends and conditions. The assumptions used to determine the fair value of our assets held for sale, excluding agreed upon purchase offers, are subject to inherent uncertainty and could produce a wide range of outcomes which we will continue to monitor in future periods as new information becomes available. Prior to the ultimate sale of the assets, subsequent changes in our estimate of the fair value of our assets held for sale will be recorded as a gain or loss with a corresponding adjustment to the assets’ carrying value. As of September 30, 2022, the Company had eight CRJ-700 classified as held for sale. During the year ended September 30, 2023, the Company closed the sale of all eight CRJ-700 aircraft for gross proceeds of $40.0 million. Net proceeds from the sale after retirement of debt was $8.0 million. As of September 30, 2022, the Company had 11 CRJ-900 aircraft and one CRJ-200 aircraft classified as held for sale. During the year ended September 30, 2023, the Company closed the sale of seven of the CRJ-900 aircraft to a third party for gross proceeds of $21.0 million. Net proceeds from the sale after partial debt reduction was $1.5 million. The sale of the remaining four CRJ-900 aircraft is expected to close in January 2023 and generate another $12.0 million in gross proceeds. Additionally, our CRJ-200 aircraft classified as held for sale as of September 30, 2022 was included in this deal. As the aircraft was fully depreciated, there was no loss recorded on the disposal. During the year ended September 30, 2023, t he Company entered into an agreement to sell seven surplus CRJ-900 aircraft to American. As of September 30, 2023, the Company has closed the sale of three of the aircraft which generated approximately $29.7 million in gross proceeds and approximately $2.4 million in net proceeds after partial debt reduction. Subsequent to September 30, 2023, the Company closed the sale of the remaining four CRJ-900 aircraft to American for gross proceeds of $41.5 million. Net proceeds from the sale of all four aircraft was $5.7 million after the retirement of the EDC Loan and MHIRJ junior note. During the year ended September 30, 2023, the Company closed the sale of seven CRJ-900 aircraft to a third party. The proceeds of $21 million from the sale of the CRJ-900 aircraft were used to pay down the Company's obligations under its UST Loan. During the year ended September 30, 2023, the Company designated seven of our CRJ-900 aircraft under the agreement with RASPRO Trust as held for sale. Subsequent to September 30, 2023, we entered into an agreement with a third party to sell 12 surplus engines. The gross proceeds of $56.0 million will be used to retire approximately $40.0 million in associated debt and provide additional liquidity to fund operations and current debt obligations as they come due. The transaction is expected to close by the end of March 2024. As of September 30, 2023, the Company has 15 CRJ-900 aircraft that are classified as assets held for sale with a net book value of $69.7 million, $57.7 million of which is classified as current assets on our condensed consolidated balance sheet and $12.0 million of which is classified as noncurrent assets on our condensed consolidated balance sheet.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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