Hawaiian Airlines has emerged from 26 months of bankruptcy court reorganisation with $60 million in bridge financing, a $50 million bank credit line and ambitious expansion plans. This is the second time Hawaiian had been in Chapter 11 bankruptcy, having gone through the process a decade ago.
Since filing in March 2003, Hawaiian has renegotiated its labour contracts and restructured its aircraft leases. During reorganisation, the carrier posted profits, a rare accomplishment for any US carrier, and began services to Australia while increasing mainland flying. It also established a top on-time record and a low cancellation rate.
Hawaiian’s new backers include Californian financiers, whose plan won court approval over competing proposals from Boeing Capital and from former investors.
Source: Airline Business
