Sat, Feb 04, 2006
Court Approves Plan To Exit Bankruptcy By
Mid-February
Continuing on the path
first blazed last month by United Airlines, Hawaii's Aloha Airlines
has been granted permission to exit bankruptcy. Thursday, US
Bankruptcy Judge Robert Faris approved modifications to a Plan of
Reorganization that clears the way for Aloha Airlines to exit
bankruptcy protection by mid-February.
"We've cleared all the hurdles and we are hopeful we will have
our new funding in mid-February," said Aloha president and CEO
David A. Banmiller.
As Aero-News reported last
year, Aloha will emerge from bankruptcy under new
ownership. The Yucaipa Companies assumed financial responsibility
for Aloha from the airline's former owners in September 2005...
although the Ching and Ing families, longtime owners of Aloha, will
continue to have ownership interest and have Board representation.
In addition, Banmiller will continue to serve as President, Chief
Executive Officer and Board member of the reorganized Aloha
Airlines.
"We're excited that our lead investor, The Yucaipa Cos, will be
coming aboard very soon and that we also will have participation by
local investors to carry the Aloha Airlines tradition forward,"
Banmiller added.
Under the modified plan of reorganization, Aloha will emerge
with $63 million in equity and very little debt, Banmiller
said.
"Thanks to the cooperative efforts of our 3,500 employees, our
business partners, investors and advisers, the new Aloha Airlines
will emerge with a balance sheet that's stronger than ever and
exceedingly well positioned to compete in today's market. With the
continued support of our loyal customers, Aloha Airlines is poised
to become a leader in this part of the world."
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