Hawaiian Airlines continues its curious trip through bankruptcy, posting results that it said made it the third most profitable US airline in 2003 despite its court status. It made an operating profit of $77.5 million last year on revenues of $706 million, up by 11.7% on its performance in 2002.
The judge overseeing the reorganisation, Robert Faris, has allowed the bankruptcy trustee, Joshua Gotbaum, to share information on the airline's operations, finances and management with two interested parties, US-based Corporate Recovery Group (CRG) and Hawaiian Holdings, the parent company of the troubled carrier. This will allow potential bidders to negotiate with Boeing Capital Corp, Hawaiian's largest creditor, about aircraft lease terms and with the airline's unions about contracts.
Hawaiian Holdings has enlisted former Hawaiian chairman John Adams and ex-American Airlines chief executive Don Carty in its bid to assist Hawaiian out of bankruptcy. CRG, which has won tentative support from Boeing, includes Allan Tessler, co-founder of FT Interactive Data and CBS Marketwatch.
Judge Faris hopes to schedule Hawaiian's emergence from bankruptcy by the end of summer. The carrier entered reorganisation in March 2003. If the judge and trustee accept its plan, Boeing Capital would bring back former Hawaiian chief executive Bruce Nobles.
Source: Airline Business
