Aloha Air to leave Chapter 11 bankruptcy
A judge Thursday accepted a request by Aloha Airlines, amending its reorganization plan, as well as an agreement worked out between the airline and the Federal Constitution-Pension Benefit Guaranty Corp.
With the judgments of the U.S. Bankruptcy Court Judge Robert Faris, the company is now expected to leave bankruptcy by mid-February, Aloha President David Banmiller said. The exact date has not been decided, he said.
In addition to the official transmission of property rights arising from the bankruptcy is also paying a debt of over $ 62 million Goldman Sachs Credit Partners, said Banmiller.
Aloha’s first reorganization plan called for billionaire owner of supermarket chain Ron Burkle’s Yucaipa Cos. and the former football star Willie Gault and the owners of the airline, families and ING Ching, recapitalization of the company with a combination of $ 50 million in equity and $ 50 million in loan.
The new restructuring plan Faris of the transaction up to $ 63 million in equity and $ 35 million in loans and leasing, “said Banmiller. Yucaipa fund an additional $ 10 million and some local investors is to $ 2.2 million investment.
The company, guarantees basic pension benefits, had risen against the airline to terminate the plan, pensions, but a tentative agreement was published last month.
As indicated in the first reorganization plan, defining the commitments of pension plans for pilots, mechanics and clerical workers is completed, said Banmiller. But after the agreement with the company, defines benefit from the pension plan for planners and managers represented by the Transport Workers Union again provided by new investors, he said.
Aloha Airgroup is one of Hawaii’s largest employer with 3600 employees. The airline into bankruptcy protection in December 2004.
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