Hawaiian Airlines, Inc. Shareholder Rights Offering And Investor Offering To Close On Schedule

HONOLULU, September 9, 1996 -- Hawaiian Airlines, Inc. (ASE and PSE: HA) announced today that its shareholder and employee rights offering now in progress will close as scheduled at 5:00 p.m. EDT on Thursday, September 12, 1996. Shareholder rights will be transferrable until 5:00 p.m. EDT on Wednesday, September 11, 1996 and may be exercised until 5:00 p.m. EDT on September 12, after which they will expire.

The company previously reported that a group of investors has severally agreed, subject to certain conditions, to purchase an aggregate of 2,250,000 shares of Hawaiian Airlines, Inc. common stock in an investor offering at the subscription price of $3.25 per share, plus an additional number of shares necessary to cause the company's minimum gross proceeds from the shareholder rights offering and the investor offering to reach $25 million. Total proceeds from the offerings will depend upon the number of rights exercised by employees and shareholders and the number of additional shares left over from the rights offering that may be acquired by investors.

The investor offering is expected to close as scheduled on September 20, 1996.

A total of 9,250,000 rights to purchase shares of Hawaiian Airlines, Inc. common stock at the subscription price are being made available to company employees and shareholders in the rights offering.

Hawaiian Airlines provides scheduled and charter air transportation of passengers, cargo and mail among the islands of Hawaii and between Hawaii and five West Coast gateway cities and two destinations in the South Pacific.