Bankruptcy Comes to Mesa Air (MESA)

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By Douglas A. McIntyre Updated Published

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Mesa Air Group Inc. (NASDAQ: MESA) has been a trouble airline and a troubled stock for quite some time.  That is taking a turn for the worse for common shareholders this morning.  Mesa has filed a plan of reorganization in a release titled “Mesa Air Group Commences Restructuring” this morning.  Unfortunately, that is a Chapter 11 restructuring.  The company said that its business operations will continue and not be affected by the filing.  Shareholders of common stock are unlikely to survive with anything at all here as you normally see in bankruptcy issues.

Mesa shares are down so low already that it was hardly a real stock even before the bankruptcy filing.  But the penny stock is down 60% on 10-times normal trading volume.  Another one bites the dust.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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