Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company evaluated its condensed consolidated financial statements included in this Quarterly Report for subsequent events through November 14, 2023, the date the condensed consolidated financial statements were available to be issued and determined that there were none, other than those discussed below.

On October 11, 2023, Air Wisconsin and its pilot group, as represented by the Air Line Pilots Association, executed a new collective bargaining agreement that includes pay rate increases and quality of life improvements for Air Wisconsin pilots. The new agreement expires October 10, 2026, with the agreement becoming amendable on October 10, 2025.

On November 10, 2023, Air Wisconsin and American entered into Amendment No. 3, effective as of November 10, 2023, to the American capacity purchase agreement. Amendment No. 3, among other things, amended (i) the schedule of certain pass-through costs; (ii) the calculation and timing of certain compensation-related payments; (iii) the compensation rates and bonus and rebate reconciliation; and (iv) the period and payment of a fixed amount from American to Air Wisconsin for pilot compensation and retention. The foregoing description of Amendment No. 3 does not purport to be complete and is qualified in its entirety by reference to Amendment No. 3, a redacted copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023.