Independence Air

Client

FLYi, Inc. operated as a regional carrier for major airlines for 12 years and as an independent carrier for 1 ½ years following the termination of its contract relationship with United Air Lines in 2004. Increasing operating losses led the Debtor to file for bankruptcy protection in November 2005.

Challenge

Bridge was selected to assist the Debtor to prepare it for the transition from pre-confirmation Debtor to post-confirmation Trust as well as to assist the Debtor with post confirmation activities including preference analysis and claims reconciliation.

Solution

Bridge developed and assisted the Trustee in implementing a transition plan effecting the change from Debtor-in-Possession status to a Creditor Trust. Since the Effective Date, Bridge has served as financial advisor to the Trust assisting the Trustee with accounting, tax, claims, and preference activities.

Results

The Debtors’ liquidating plan was confirmed in March of 2006. Bridge has provided the Trustee with timely financial reporting, analysis of potential avoidance actions, advised on claims management issues, and has worked with the Trust’s tax accountants to ensure timely filing of Debtor tax returns and Trust related tax filings and payments.