U.S. Bankruptcy Judge Robert Faris today 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 David A. Banmiller, Aloha's President and Chief Executive Officer. "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."
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."
PR Newswire
"We've cleared all the hurdles and we are hopeful we will have our new funding in mid-February," said David A. Banmiller, Aloha's President and Chief Executive Officer. "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."
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."
PR Newswire
