Andrew Levy, former CFO with United Airlines, has raised a total of US$125 million so far via the sale of equity, options and warrants in his company, Houston Air Holdings, Inc., the corporate name of a new low-cost carrier based in Houston, US.
He began raising funds for the new company in Spring 2019, after he left his postion with United in May 2018. So far, 124 investors have committed funds to the new start-up, which will begin operations in 2H 2020.
The airline aims to offer nonstop flights from secondary airports and will be built on top of charter carrier XTRA Airways, which Levy purchased in 2018. The fleet will consist of B737-800s, with the first plane on lease from GECAS and due this month.
The B737-800s will initially be used on charters during summer 2020. They will be configured with 189 seats each.
Directors of HAH include Robert Ashcroft, Anita Pramoda, Thomas Mahr, Will Snellings, Miguel Heras, and Thomas Cahill.
Branding and routes will be revealed at a later date.