Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 13, 2012, the Company executed the Fourth Amendment to Second Amended and Restated Investor Rights Agreement. The amendment provides for certain changes in registration rights for future offerings and provides for reimbursement by Indigo and Oaktree for up to $500,000 to the Company of a portion of expenses in connection with a secondary offering.

On January 25, 2012, the Company completed a secondary offering of 12,650,000 shares of common stock (including 1,650,000 shares sold upon the underwriters' exercise in full of their over-allotment option) at a price to the public of $14.50 per share. All of the shares of common stock were sold by existing stockholders of the Company, including affiliates of Oaktree Capital Management and Indigo Partners and certain members of the Company's executive team. The Company did not receive any proceeds from the secondary offering.

On January 31, 2012, the Company's Board of Directors approved the effectiveness of Amendment No. 1. to Side Letter No. 6 to the V2500-A5 Fleet Hour Agreement between IAE International Aero Engines AG (“ IAE ”) and the Company dated April 11, 2005 (the “ IAE Agreement ”) and Side Letter No. 7 to the IAE Agreement (collectively, the “ IAE Amendments ”). The IAE Amendments provide that the Company and IAE will renegotiate in good faith certain new and revised terms of the IAE Agreement including, among other things, provisions for engine repair and associated fees and costs. The Company and IAE have agreed to negotiate definitive documentation of such changes by March 31, 2012.