HONOLULU, May 2, 2003 -- We are disappointed that the Creditors' Committee has reached this conclusion, but anticipate engaging in further discussions with the Committee during the coming week. Our goal will be to address the Committee's concerns regarding corporate governance issues and resolve them in the best interests of the company and all of its constituents.
We continue to believe that management's strategic plan is sound. With the exception of the renegotiation of its aircraft leases, the company had been successful in achieving many of the goals that it set prior to its Chapter 11 filing. Since the Chapter 11 filing, the company's management team has made substantial progress with its aircraft lessors. Accordingly, we believe that the greatest potential for success lies in allowing these efforts to continue. Appointing a trustee would only serve to disrupt this process, to the detriment of all parties in interest.