Aloha Airlines Inc. is searching for a buyer for some or all of its business.
A day after filing for Chapter 11 bankruptcy protection, the airline told a federal bankruptcy court yesterday that it is seeking a buyer for its cargo and contract services, and interisland and trans-Pacific passenger segments, as well as investors to provide long-term financing. The state's second-oldest airline is facing plummeting revenues caused by record-high fuel prices and an interisland fare war sparked by Mesa Air Group's local carrier go! in June 2006.
It got approval yesterday for a cash collateral arrangement and other measures that enable it to continue operating for 10 days.
Photo by yours truly, Lihue Airport, May 1, 2003. That's the 737 we had just flown over on from HNL. At the time, unlike their competition, Aloha had a First Class Section for inter-isle flights. The only "perks" in First were getting an extra glass of POG (Pineapple-Orange-Guava Juice).
