Hawaiian exiting Ch 11 June 1st
05-19-2005, 05:51 PM
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Hawaiian exiting Ch 11 June 1st
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Pacific Business News (Honolulu) - 2:44 PM HST Thursday
Hawaiian Air to exit bankruptcy June 1
Hawaiian Airlines is expected to exit bankruptcy June 1, more than a year after filing for Chapter 11 reorganization.
The U.S. Bankruptcy Court this week issued a written order approving the airlines' reorganization plan.
The airlines, which filed for bankruptcy in March 2003, will give creditors of parent company Hawaiian Holdings Inc. 100 percent of the value of their claims, mostly in cash.
Existing stockholders will keep their shares, whose value rose during the bankruptcy, and employees have new negotiated contracts that for the first time have pay and benefits comparable to or better than the airline's competitors.
"We now have the court's approval of our reorganization plan," said Hawaiian Airlines Trustee Joshua Gotbaum. "Hawaiian will exit bankruptcy on June 1, a better, stronger airline."
The plan was developed with Hawaiian's Official Committee of Unsecured Creditors and Ranch Capital LLC, the controlling shareholder of Hawaiian Holdings.
© 2005 American City Business Journals Inc.
All contents of this site © American City Business Journals Inc. All rights reserved.
Pacific Business News (Honolulu) - 2:44 PM HST Thursday
Hawaiian Air to exit bankruptcy June 1
Hawaiian Airlines is expected to exit bankruptcy June 1, more than a year after filing for Chapter 11 reorganization.
The U.S. Bankruptcy Court this week issued a written order approving the airlines' reorganization plan.
The airlines, which filed for bankruptcy in March 2003, will give creditors of parent company Hawaiian Holdings Inc. 100 percent of the value of their claims, mostly in cash.
Existing stockholders will keep their shares, whose value rose during the bankruptcy, and employees have new negotiated contracts that for the first time have pay and benefits comparable to or better than the airline's competitors.
"We now have the court's approval of our reorganization plan," said Hawaiian Airlines Trustee Joshua Gotbaum. "Hawaiian will exit bankruptcy on June 1, a better, stronger airline."
The plan was developed with Hawaiian's Official Committee of Unsecured Creditors and Ranch Capital LLC, the controlling shareholder of Hawaiian Holdings.
© 2005 American City Business Journals Inc.
All contents of this site © American City Business Journals Inc. All rights reserved.
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