From Mesa's 10-Q
"We currently operate 26 CRJ-200s, 20 CRJ-700s and 10 Dash-8 aircraft for United Airlines, Inc ("United") pursuant to a code-share agreement. Under the terms of such agreement, 26 CRJ-200s terminate in April 2010 (United has certain renewal rights to extend for five years by giving 180 days notice) and 10 Dash-8s terminate in July 2013 but can be terminated early by United in April 2010 upon six months prior notice. The 26 CRJ-200 and 10 Dash-8 aircraft represent approximately 18% of the Company's revenues. Although we have early return rights for 8 CRJ-200 aircraft currently flying for United, there are significant lease return costs associated with these aircraft. In addition, we have substantial aircraft lease obligations beyond April 2010 on the remaining United CRJ-200 fleet. If the CRJ-200 flying and Dash-8 flying is not extended, no assurance can be given that we will be able to place these aircraft in revenue-generating service in a timely manner, or at all, or sublease these aircraft at or near the lease reimbursement rates in the United code-share agreement. If this occurs, the inability to timely redeploy such aircraft and/or sublease such aircraft at favorable lease reimbursement rates would have a material adverse impact on our financial condition and results of operations. In the absence of obtaining additional capital to fund our operations through equity or debt financings, asset sales, consensual restructuring of the aircraft leases, extend United CRJ-200 and Dash-8 flying, or placing the aircraft with another carrier pursuant to a revenue guarantee contract, our cash flows from operations and available working capital will be insufficient to meet our future capital requirements. No assurance can be given that any future equity, debt or other financings will be successful or otherwise available on acceptable terms, or at all, or that we will be successful in reaching a consensual restructuring of our aircraft leases. "
