Contrarian Capital Management, L.L.C. and its managing member Jon R. Bauer report beneficial ownership of 4,446,210 shares of Republic Airways Holdings Inc. common stock, representing 9.5% of the class as of 12/31/2025.
They report shared voting and dispositive power over all 4,446,210 shares and no sole voting or dispositive power. All securities are directly owned by advisory clients of Contrarian Capital Management, and each reporting person disclaims beneficial ownership beyond their pecuniary interest.
Positive
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Insights
Contrarian reports a 9.5% passive-style stake in Republic Airways.
Contrarian Capital Management, L.L.C. and Jon R. Bauer report beneficial ownership of 4,446,210 Republic Airways shares, equal to 9.5% of the common stock. The stake is reported on a Schedule 13G, which is generally used for non-control, passive-style holdings.
The filing states they have shared power to vote and dispose of all reported shares, with no sole authority. All shares are held by advisory clients of Contrarian, and the reporting persons disclaim beneficial ownership beyond their pecuniary interest.
As a result, this appears to be a sizable institutional position rather than an explicit move to influence control. Future company filings may provide additional context if the ownership level or filing status changes.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Republic Airways Holdings Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
590479408
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
590479408
1
Names of Reporting Persons
Contrarian Capital Management, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,446,210.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,446,210.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,446,210.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
590479408
1
Names of Reporting Persons
Jon R. Bauer
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,446,210.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,446,210.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,446,210.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Republic Airways Holdings Inc.
(b)
Address of issuer's principal executive offices:
2 Brickyard Lane, Carmel, Indiana 46032
Item 2.
(a)
Name of person filing:
Contrarian Capital Management, L.L.C.
Jon R. Bauer
(b)
Address or principal business office or, if none, residence:
Contrarian Capital Management, L.L.C.
411 West Putnam Avenue
Suite 425
Greenwich, Connecticut 06830
Jon R. Bauer
c/o Contrarian Capital Management, L.L.C
411 West Putnam Avenue
Suite 425
Greenwich, Connecticut 06830
(c)
Citizenship:
Contrarian Capital Management, L.L.C. - Delaware
Jon R. Bauer - United States
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
590479408
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Contrarian Capital Management, L.L.C. - 4,446,210
Jon R. Bauer - 4,446,210
(b)
Percent of class:
Contrarian Capital Management, L.L.C. - 9.5%
Jon R. Bauer - 9.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Contrarian Capital Management, L.L.C. - 0
Jon R. Bauer - 0
(ii) Shared power to vote or to direct the vote:
Contrarian Capital Management, L.L.C. - 4,446,210
Jon R. Bauer - 4,446,210
(iii) Sole power to dispose or to direct the disposition of:
Contrarian Capital Management, L.L.C. - 0
Jon R. Bauer - 0
(iv) Shared power to dispose or to direct the disposition of:
Contrarian Capital Management, L.L.C. - 4,446,210
Jon R. Bauer - 4,446,210
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Contrarian Capital Management, L.L.C. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, par value $0.001 per share.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Contrarian Capital Management, L.L.C.
Signature:
/s/ Jon R. Bauer
Name/Title:
Jon R. Bauer, Managing Member
Date:
02/12/2026
Jon R. Bauer
Signature:
/s/ Jon R. Bauer
Name/Title:
Jon R. Bauer
Date:
02/12/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
How much of Republic Airways Holdings Inc. does Contrarian Capital Management own in this Schedule 13G for MESA?
Contrarian Capital Management, L.L.C. and Jon R. Bauer report beneficial ownership of 4,446,210 shares of Republic Airways Holdings Inc. common stock. This stake represents 9.5% of the company’s outstanding common stock as of December 31, 2025, making them significant institutional holders.
What voting power does Contrarian Capital Management report over Republic Airways (MESA) shares?
The filing shows Contrarian Capital Management and Jon R. Bauer have shared voting power over 4,446,210 Republic Airways shares and no sole voting power. They also report shared dispositive power over the same amount, meaning voting and sale decisions are exercised jointly for this position.
Who actually owns the Republic Airways shares reported in this MESA Schedule 13G?
All securities reported are directly owned by advisory clients of Contrarian Capital Management, L.L.C., not by the manager personally. Contrarian and Jon R. Bauer disclaim beneficial ownership of the securities except to the extent of their pecuniary interest in those advisory client accounts.
Why is this Schedule 13G for Republic Airways (MESA) important for investors?
This Schedule 13G reveals that an institutional investment adviser oversees a 9.5% position in Republic Airways Holdings Inc. A stake of this size signals meaningful institutional involvement, which some investors watch as a sign of professional interest and potential influence on corporate matters.
Does Contrarian Capital Management indicate control intentions in this Republic Airways (MESA) filing?
The position is reported on Schedule 13G, typically used for passive-style investments rather than seeking control. The filing emphasizes beneficial ownership through advisory clients and includes a disclaimer of beneficial ownership beyond pecuniary interest, which is consistent with an institutional, non-control posture.
