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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