islandhopper
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Aloha Airlines files for Chapter 11 bankruptcy
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dash8driver
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Whale Rider
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Latest News: AQ to file under section 1113 due to the IAM lodge 142 voting down their contract.
ALOHA AIRLINES’ DISPATCHERS RATIFY NEW AGREEMENT
HONOLULU– Aloha Airlines today announced that its dispatchers and schedulers have voted
to ratify a new agreement, becoming the fourth of five employee groups to accept new
contracts.
With the Transport Workers Union ratification, 94 percent of Aloha’s workforce has
agreed to cost-cutting measures in support of the Company’s plan to emerge from bankruptcy
protection.
Aloha’s TWU voted overwhelmingly in favor of a new 52-month contract, effective January 1,
2005 through April 30, 2009. The unit represents 30 dispatchers and schedulers.
“We commend the TWU for coming through with this overwhelming vote of confidence in
support of our plan,” said David A. Banmiller, Aloha’s president and chief executive officer.
At the same time, Aloha announced that members of the International Association of
Machinists and Aerospace Workers (IAM) District Lodge 142 have voted down a proposed 52-
month contract. IAM District Lodge 142 represents about 250 Aloha mechanics and inspectors.
To continue the quick pace of progress toward early emergence from bankruptcy protection,
Aloha Airgroup, Inc., the parent company of Aloha Airlines, Inc., will file a motion tomorrow in
U.S. Bankruptcy Court for the District of Hawaii, seeking interim financial relief from the
mechanics’ current collective-bargaining agreement.
Aloha CEO Banmiller said the filing under Section 1113 of the U.S. Bankruptcy Code does not
preclude Aloha from obtaining consensual agreements with the mechanics.
“This filing is an unfortunate step in light of the fact that 94 percent of our workforce has
already ratified their agreements and are prepared to do what’s necessary to move the
Company forward,” said Banmiller.
The Court has already accepted Aloha’s new agreements with the International Association of
Machinists and Aerospace Workers (IAM) District Lodge 141 representing clerical, passenger
service and ramp service employees; as well as the Association of Flight Attendants (AFA) and
the Air Line Pilots Association (ALPA).
ALOHA AIRLINES’ DISPATCHERS RATIFY NEW AGREEMENT
HONOLULU– Aloha Airlines today announced that its dispatchers and schedulers have voted
to ratify a new agreement, becoming the fourth of five employee groups to accept new
contracts.
With the Transport Workers Union ratification, 94 percent of Aloha’s workforce has
agreed to cost-cutting measures in support of the Company’s plan to emerge from bankruptcy
protection.
Aloha’s TWU voted overwhelmingly in favor of a new 52-month contract, effective January 1,
2005 through April 30, 2009. The unit represents 30 dispatchers and schedulers.
“We commend the TWU for coming through with this overwhelming vote of confidence in
support of our plan,” said David A. Banmiller, Aloha’s president and chief executive officer.
At the same time, Aloha announced that members of the International Association of
Machinists and Aerospace Workers (IAM) District Lodge 142 have voted down a proposed 52-
month contract. IAM District Lodge 142 represents about 250 Aloha mechanics and inspectors.
To continue the quick pace of progress toward early emergence from bankruptcy protection,
Aloha Airgroup, Inc., the parent company of Aloha Airlines, Inc., will file a motion tomorrow in
U.S. Bankruptcy Court for the District of Hawaii, seeking interim financial relief from the
mechanics’ current collective-bargaining agreement.
Aloha CEO Banmiller said the filing under Section 1113 of the U.S. Bankruptcy Code does not
preclude Aloha from obtaining consensual agreements with the mechanics.
“This filing is an unfortunate step in light of the fact that 94 percent of our workforce has
already ratified their agreements and are prepared to do what’s necessary to move the
Company forward,” said Banmiller.
The Court has already accepted Aloha’s new agreements with the International Association of
Machinists and Aerospace Workers (IAM) District Lodge 141 representing clerical, passenger
service and ramp service employees; as well as the Association of Flight Attendants (AFA) and
the Air Line Pilots Association (ALPA).
Last edited:
Hugh Jorgan
Well-known member
- Joined
- Nov 25, 2001
- Posts
- 2,307
English
Well-known member
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- Nov 26, 2001
- Posts
- 3,374
As the world turns...
Aloha Airlines wants
to give back 2 planes
The carrier plans to seek
court approval to reject
the planes' leases
By Dave Segal
[email protected]
Aloha Airlines is planning to ask federal Bankruptcy Court tomorrow for approval to reject leases on two of the 13 Boeing 737-700s that the airline uses on its trans-Pacific routes.
The company, which filed for Chapter 11 reorganization on Dec. 30, will return a plane to its largest aircraft lessor, GE Capital Aviation Services Inc., according to people familiar with the situation. In addition, Aloha will give back a plane to Dublin, Ireland-based RBS Aerospace. The return of the plane to RBS Aerospace was disclosed during a court hearing last week.
Aloha also has reached a new tentative agreement with its mechanics union, which last week rejected a previous contract. A ratification vote for the International Association of Machinists and Aerospace Workers Lodge 142 is scheduled for today. The airline has been looking for ways to cut costs and earlier reached agreements with unions representing the company's pilots, flight attendants, clerical workers and dispatchers. Aloha has said that the unions' members will take 10 percent pay cuts.
In addition, the airline has been trying to line up financing for interim relief, as well as agreements with its aircraft lessors. A 60-day exemption period that ends Monday would allow the airline's aircraft lessors to repossess their aircraft unless a modified lease agreement or extension is reached.
The status of Aloha's credit card agreements with First Hawaiian Bank, which processes the airline's Visa and MasterCard payments, and American Express also will be determined tomorrow.
Aloha hasn't needed as many 737-700s as it previously used since eliminating service earlier this year to the Marshall Islands and American Samoa.
The plane that Aloha is returning to RBS is the only aircraft it leases from that lessor. Aloha also is returning one of the nine 737-700s it leases from GE Capital. Additionally, GE Capital is the lender on a 737-200 that Aloha owns and is required to make payments.
Aloha Airlines
www.alohaairlines.com/
Aloha Airlines wants
to give back 2 planes
The carrier plans to seek
court approval to reject
the planes' leases
By Dave Segal
[email protected]
Aloha Airlines is planning to ask federal Bankruptcy Court tomorrow for approval to reject leases on two of the 13 Boeing 737-700s that the airline uses on its trans-Pacific routes.
The company, which filed for Chapter 11 reorganization on Dec. 30, will return a plane to its largest aircraft lessor, GE Capital Aviation Services Inc., according to people familiar with the situation. In addition, Aloha will give back a plane to Dublin, Ireland-based RBS Aerospace. The return of the plane to RBS Aerospace was disclosed during a court hearing last week.
Aloha also has reached a new tentative agreement with its mechanics union, which last week rejected a previous contract. A ratification vote for the International Association of Machinists and Aerospace Workers Lodge 142 is scheduled for today. The airline has been looking for ways to cut costs and earlier reached agreements with unions representing the company's pilots, flight attendants, clerical workers and dispatchers. Aloha has said that the unions' members will take 10 percent pay cuts.
In addition, the airline has been trying to line up financing for interim relief, as well as agreements with its aircraft lessors. A 60-day exemption period that ends Monday would allow the airline's aircraft lessors to repossess their aircraft unless a modified lease agreement or extension is reached.
The status of Aloha's credit card agreements with First Hawaiian Bank, which processes the airline's Visa and MasterCard payments, and American Express also will be determined tomorrow.
Aloha hasn't needed as many 737-700s as it previously used since eliminating service earlier this year to the Marshall Islands and American Samoa.
The plane that Aloha is returning to RBS is the only aircraft it leases from that lessor. Aloha also is returning one of the nine 737-700s it leases from GE Capital. Additionally, GE Capital is the lender on a 737-200 that Aloha owns and is required to make payments.
Aloha Airlines
www.alohaairlines.com/
Hugh Jorgan
Well-known member
- Joined
- Nov 25, 2001
- Posts
- 2,307
Here you guys go, just saw this on yahoo.
http://biz.yahoo.com/prnews/050224/lath157_1.html
Sounds like good news!
For what it's worth we at HAL are keeping are fingers crossed, we need you and we all have to many mutual friends to see anything dire happen.
http://biz.yahoo.com/prnews/050224/lath157_1.html
Sounds like good news!
For what it's worth we at HAL are keeping are fingers crossed, we need you and we all have to many mutual friends to see anything dire happen.
Hugh Jorgan
Well-known member
- Joined
- Nov 25, 2001
- Posts
- 2,307
RJP
Registered Eye-Poker
- Joined
- Jul 20, 2004
- Posts
- 1,005
Gotta love this company...
Pacific Business News (Honolulu) - February 25, 2005
http://pacific.bizjournals.com/pacific/stories/2005/02/21/daily54.html
LATEST NEWS
7:35 PM HST Thursday
Aloha Air finds equity investor
In an important step toward emergence from Chapter 11 bankruptcy, Aloha Airlines has reached agreement in principal with a private equity investment group to provide the airline with funding up to $90 million.
The firm is MatlinPatterson Global Opportunities Partners II LP, whose parent firm has offices in New York, London and Hong Kong.
Founded by David Matlin and Mark Patterson, the firm has more than $3 billion under management and offices in New York, London and Hong Kong. The Partners II fund has $150 million to be drawn down over three years. The funds pursue a global strategy of gaining corporate control of distressed companies.
"This agreement with MatlinPatterson takes Aloha Airlines to the threshold of exiting bankruptcy in record time," Aloha CEO David Banmiller said Thursday night.
The deal is subject to approval by the bankruptcy court and other conditions. Aloha filed a motion Thursday requesting an expedited hearing on this.
"Aloha is fortunate," Banmiller said, "to have attracted a significant commitment from such a highly regarded private equity investment firm."
MatlinPatterson is the third largest investor in MCI, now the subject of a takeover bid by Verizon Communications and a rival bid by Qwest, according to Computer Business Review.
It also proposes to become the principal investor in financially-distressed Ormet Corp. of Wheeling, W. Va., one of the nation's leading producers of aluminum, according to the Times Leader of Martin's Ferry, Ohio.
It is in the process of selling back its stake in Minneapolis-based NRG Energy, which recently emerged from Chapter 11.
© 2005 American City Business Journals Inc.
Pacific Business News (Honolulu) - February 25, 2005
http://pacific.bizjournals.com/pacific/stories/2005/02/21/daily54.html
LATEST NEWS
7:35 PM HST Thursday
Aloha Air finds equity investor
In an important step toward emergence from Chapter 11 bankruptcy, Aloha Airlines has reached agreement in principal with a private equity investment group to provide the airline with funding up to $90 million.
The firm is MatlinPatterson Global Opportunities Partners II LP, whose parent firm has offices in New York, London and Hong Kong.
Founded by David Matlin and Mark Patterson, the firm has more than $3 billion under management and offices in New York, London and Hong Kong. The Partners II fund has $150 million to be drawn down over three years. The funds pursue a global strategy of gaining corporate control of distressed companies.
"This agreement with MatlinPatterson takes Aloha Airlines to the threshold of exiting bankruptcy in record time," Aloha CEO David Banmiller said Thursday night.
The deal is subject to approval by the bankruptcy court and other conditions. Aloha filed a motion Thursday requesting an expedited hearing on this.
"Aloha is fortunate," Banmiller said, "to have attracted a significant commitment from such a highly regarded private equity investment firm."
MatlinPatterson is the third largest investor in MCI, now the subject of a takeover bid by Verizon Communications and a rival bid by Qwest, according to Computer Business Review.
It also proposes to become the principal investor in financially-distressed Ormet Corp. of Wheeling, W. Va., one of the nation's leading producers of aluminum, according to the Times Leader of Martin's Ferry, Ohio.
It is in the process of selling back its stake in Minneapolis-based NRG Energy, which recently emerged from Chapter 11.
© 2005 American City Business Journals Inc.
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