Pan American Airways Global Holdings issues this modified statement in correcting the release issued on October 22, 2013. Eaton-Texas Investments, Inc. was inadvertently referred to as Eaton-Texas International in the release content, and issues the following statement in its place:
Pan American has signed an exclusive agreement with Eaton –Texas Investments, Inc. of Houston, Texas to acquire its equity stake in the assets of the former Ryan International Airlines, Rockford, IL. In February 2013, Ajet Holdings, of Las Vegas, NV acquired the common stock and certain assets from Federal Bankruptcy court during Ryan International’
Numerous attempts were made to resurrect the airline under the auspices of different business models with the current asset holders but were unsuccessful for various reasons. Investor concerns began to amass when in July 2013 the FAA began the process of revoking the Air Carrier Operating Certificate for non-use. During the summer, investor concerns again were elevated by lack of progress in repayment and the legal issues that followed one of the managing principles.
Pan American began exchanging dialogue in August 2013 with Eaton-Texas Investments over the acquisition of their equity position with Ajet Holdings. Discussions ensued sporadically through late September, when the equity investors instructed Eaton-Texas to force a liquidation of their investment connected with the Ryan assets. On October 20, 2013, a final purchase agreement was formally ratified and approved by both members after final terms were adjusted and amended.
This acquisition will provide Pan American with the needed FAA certification required for market entry in 2014. Formal approval by both the FAA and the DOT will ultimately be the deciding factor of when the carrier can begin to operate once again.
Follow Pan American Media for further upcoming details associated with this purchase.