Aloha Airlines files for Chapter 11 bankruptcy

[English]

"It served two purposes," Banmiller said of the loan, which was made after the bankruptcy filing. "The first is to show in fact investor interest and potentially not just (from) this group but other potential ... investors. And second allow us some flexibility and liquidity that shows people that we have the cash to continue to operate."

Is this put out there to solicit other investors?

 

[Hugh Jorgan]

Hard to see where this is all going.

The last line is interesting, but probably meaningless.
http://starbulletin.com/2005/01/04/news/story5.html

 

[GVFlyer]

Unfortunately there will be more Chapter 11s in '05. The only question is who is next.

Unfortunately, I think all the legacy carriers will have to go through bankruptcy to restructure their costs in order to compete with the LCCs. It's a d@mned shame.

GV

 

[RJP]

Hung Wo and Sheridan dropped $3 mil. They're only $97 mil short of breaking even at this point.

 

[RJP]

The last line is interesting, but probably meaningless.
http://starbulletin.com/2005/01/04/news/story5.html

Insert merger rumor here............

 

[Hugh Jorgan]

Hung Wo and Sheridan dropped $3 mil.

Do your balls Hang Wo?

 

[dash8driver]

Hung Wo and Sheridan dropped $3 mil.

that would be a neat trick. did they have a seance to get them to write a check or did they use a quija board at the bank to do a cash transfer?

 

[Nalo Boy]

Miss cleo went to go find him.

 

[Pull & Rotate]

Since the BK filing and the ouster of Adams we have had our best year ever in our history!!! ( 60-65 mill profit for 2004!!) The accounting types can't hide the real numbers now, since they are required to report every month to the court.

Don't take this the wrong way, but I keep hearing about these record profits at Hawaiian. Isn't it easy to make a profit when you are getting huge breaks from your creditors and paying only pennies on the dollar on a certain unpaid tax bill? I know Hawaiian is doing a great job of filling airplanes but 65 million dollars in profit while in BK? Somehow I don't think we are seeing the whole balance sheet here.

 

[Erndogg]

Don't take this the wrong way, but I keep hearing about these record profits at Hawaiian. Isn't it easy to make a profit when you are getting huge breaks from your creditors and paying only pennies on the dollar on a certain unpaid tax bill? I know Hawaiian is doing a great job of filling airplanes but 65 million dollars in profit while in BK? Somehow I don't think we are seeing the whole balance sheet here.

The only reason Hawaiian was put into BK was because our former CEO/Owner screwed up by taking $$$ out of the company after the failed merger. (which would have benefitted all parties Aloha/Adams and Smith/Brennamen/etc....) Then he proceeded to ask Boeing to give us lease rates in line with United/ATA/Northwest (Hawaiian's real competition!!!)
After Adam's asked for too much-Boeing told him to go fly a kite!!! Faris removed Adams and appointed Gutbomb.
As for that inflated IRS claim that the local media hyped up-Half has already been settled ( will pay 10 mill of a 60 mill claim) and the only reason the claim was so high was because of a mgmt blunder on write offs (fuel excise for a flag carrier). (IRS claims are usually inflated anyways) and the rest will be a fraction of the 60 mill left!!
Hawaiian's BK will be one of the few BK's that pays all their creditors 100% (cash/stock)-but who are our ceditors??? Our new prospective owners Ranch capital whom have purchased Boeing/Ansetts claims- that's about it!!! (leases have been reniged)
With 120 mill in unrestricted cash as of Jan (must in Chap 11) everyone else can be paid off!!!!
The financials in a Chap 11 case are accurate (thank God!) and have to be reported on a monthly basis to judge Faris-I dont think our authur anderson accounting types can hide much!!!
We were just LUCKY to be able to fill planes after 9-11 and streamline our operation. Hopefully we will be out of BK this year.