Manufacturing Industry
Aloha Airlines files for bankruptcy
Airline Industry Information, Jan 4, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Aloha Airgroup Inc, the parent company of Hawaii's Aloha Airlines, filed for Chapter 11 bankruptcy on Thursday, 30 December 2004.
The bankruptcy filing is to help the carrier complete its restructuring. In the meanwhile the airline will operate normally, as reservations for future travel will be taken, tickets will be honoured, and flights will operate as scheduled, said a company spokesperson.
Aloha Airlines sought and received a USD45m loan guarantee from the federal Air Transportation Stabilization Board in 2002. To date, the company has repaid approximately half of the loan.
According to Aloha the bankruptcy filing is a part of a continuing effort to restore the company's long-term financial health and the company has said that the decision to file Chapter 11 was not an easy one.
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