Mesa Air Group stock down on possibility of bankruptcy filing

Mesa Air Group Inc. saw its stock dip Thursday and Friday after warning that it might have to file for bankruptcy protection if it loses a regional carrier contract with Delta Air Lines Inc.

Mesa's stock (Nasdaq: MESA) stood at 46 cents Friday morning, well off its 52-week high of $7.25 and down from $1.12 May 5.

Delta (NYSE: DAL) wants to cancel a contract that has Phoenix-based Mesa flying regional routes for the Atlanta-based airline. Mesa is challenging that action in court.

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In documents filed with the U.S. Securities & Exchange Commission, Mesa said Delta accounted for as much as 20 percent of its annual revenue, and losing the contract could lead to a bankruptcy filing.