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Subsequent Events | 9 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | 16. Subsequent Events RASPRO Asset Purchase and Sale Subsequent to June 30, 2024, we purchased the remaining nine airframes and 15 engines from RASPRO for $23.2 million, completely paying off our obligation under the RASPRO finance lease. Subsequent to June 30, 2024, we sold all of the associated airframes and 14 of the engines to third parties for $20.4 million. We expect to close the sale of the final engine by the end of October 2024, with gross proceeds expected to be $0.7 million on the sale. Sale of Archer Subsequent to June 30, 2024, we sold substantially all of our 1.5 million remaining shares of Archer for approximately $6.9 million of proceeds and realized a gain of approximately $1.6 million on the sale. Sale of Assets Held for Sale • Subsequent to June 30, 2024, we closed the sale of eight engines in connection with the June 20, 2024 purchase agreement for gross proceeds of approximately $12.9 million and net proceeds of approximately $4.4 million after the paydown of debt. • Subsequent to June 30, 2024, we closed the sale of three engines in connection with the December 13, 2023 purchase agreement for gross proceeds of $1.5 million. Financial Covenant Noncompliance and Waiver As of July 16, 2024, the Compan y was not in compliance with a financial covenant related to a minimum liquidity requirement of $15.0 million of cash and cash equivalents associated with its Second Amended and Restated Credit and Guaranty Agreement with United. On September 25, 2024, the Company reached an agreement with United to obtain a waiver for the covenant breach through December 31, 2024. As of the issuance of this Form 10-Q, we are in compliance with all financial covenants. UST Loan Financial Covenant Modification On September 23, 2024, we entered into the CCR Modification Agreement to reduce our required minimum CCR for our UST Loan from 1.55:1.0 to 1.44:1.0 through November 22, 2024, after which, the required CCR minimum will revert back to 1.55:1.0. Agreement with United On September 25, 2024, we reached an agreement with United which provides for the following: • The extension of the CPA rate increases agreed upon in the January 2024 United CPA Amendments through August 31, 2025. • The commitment of a combined fleet of 60 CRJ-900 and E-175 aircraft through January 2025, and an entirely E-175 fleet by March 2025. • Reimbursement of $14.0 million of expenses related to the transition to an entirely E-175 fleet. • The commitment to buy our two CRJ-700 aircraft out of their lease with GoJet and to purchase the two CRJ-700 aircraft for $11.0 million. • The commitment to grant a waiver through December 31, 2024, for the financial covenant breach related to the $15.0 million minimum liquidity requirement on our United Revolving Credit Facility. Assets Designated as Held for Sale and Impairment Subsequent to June 30, 2024, the Company reclassified 15 CRJ-900 airframes (without engines), 16 GE Model CF34-8C engines, two CRJ-700 aircraft, and certain CRJ and 737 spare parts as held for sale. The total value of the assets reclassified to held for sale was $48.5 million and the Company recorded $23.0 million of impairment on the assets.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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