HONOLULU, May 27, 2003 -- Hawaiian Airlines, Inc., announced today that its Board of Directors has decided not to appeal the decision of Federal Bankruptcy Judge Robert Faris to appoint a trustee overseeing the airline's restructuring under Chapter 11.
John Adams, chairman and CEO of Hawaiian Airlines, stated, “After careful consideration, and while the Board of Directors respectfully disagrees with the court's decision, we have decided that it is in the best interests of everyone that Hawaiian Airlines move forward with its restructuring in the most expedient manner possible and without distraction from further court actions.”
Mr. Adams added, “I am extremely proud of the many great things that Hawaiian Airlines has accomplished in the seven years that AIP LLC, owner of 50 percent of the stock of Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, has been involved with the airline. During this time, Hawaiian Airlines introduced an entirely new fleet of aircraft, launched several new routes linking Hawaiian to the mainland United States, adopted new reservations technology, and reached new contracts with our unions resulting in long-overdue pay raises for employees.”
Hawaiian Airlines filed its voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code on March 21, 2003.
On May 16, 2003, Judge Faris granted the motion of Boeing Capital Corporation seeking to appoint a trustee to oversee the Company's Chapter 11 case. The U.S. Office of the Trustee is expected to select a trustee shortly, subject to Judge Faris' approval.