AirCal Shareholders OK Holding Company

AirCal Inc. shareholders Thursday approved formation of a holding company for the Newport Beach-based airline. The decision on creation of the company, to be called ACI Holdings, was postponed at the June 4 annual shareholders meeting because AirCal officials said they lacked a quorum equivalent to two-thirds of the votes of the preferred shareholders. When the shareholders meeting reconvened Wednesday, 85% of the airline’s 8.5 million outstanding common shares and 69% of the 3.7 million preferred shares were voted in favor of the restructuring. Shareholders thus converted their security interest in AirCal to a security interest in ACI Holdings. The purpose of the restructuring, AirCal officials said, was to give ACI Holdings the flexibility to develop businesses besides the airline, such as aircraft maintenance and aircraft leasing.