HONOLULU, April 26, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Hawaiian Holdings, Inc. (Amex: HA; PCX) ("Holdings" or "Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today announced that on April 21, 2006 it completed the redemption of all of its outstanding subordinated convertible notes due in 2010.

As reported in March, Hawaiian reached agreements on a restructuring of its Term A and Term B credit facilities that increased the amounts available under those facilities. The financing proceeds from the amended credit facilities were used in part to redeem the remaining subordinated convertible notes originally issued in conjunction with Hawaiian's emergence from bankruptcy in June 2005.

Under the terms of the financing, redemption of the notes required payment of 105% of the $52.3 million principal amount outstanding plus accrued interest, resulting in a total redemption outlay of $55.9 million. The transaction will result in a one-time charge which will be recognized in the second quarter of 2006 as a result of writing off the remaining unamortized debt discount recorded upon issuance of the notes.

Had the notes not been redeemed they would have become convertible on June 2, 2006 into approximately 12 million shares of the Company's common stock at a conversion price of $4.35.

"The redemption of these notes helps complete a restructuring of our balance sheet which commenced in March with the expansion of Hawaiian Airlines' term loan borrowings," said Peter Ingram, the Company's Chief Financial Officer. "These notes were designed as a bridge financing to facilitate Hawaiian's exit from bankruptcy. With the support of our lenders we have redeemed the notes, and avoided significant dilution to our shareholders had the notes been converted. We are extremely pleased with this outcome and the financial flexibility afforded by the recent changes to our balance sheet."

About Hawaiian Airlines

Hawaiian was the nation's number one carrier for on-time service, fewest flight cancellations and best baggage service reliability in 2005, according to reports by the U.S. Department of Transportation. Consumer travel surveys conducted by Conde Nast Traveler, Travel + Leisure, and Zagat all rank Hawaiian as the top domestic airline serving Hawaii.

Now in its 77th year of continuous service in Hawaii, Hawaiian is the state's biggest and longest-serving airline, and the second largest provider of passenger air service between Hawaii and the U.S. mainland. Hawaiian offers nonstop service to Hawaii from more U.S. gateway cities than any other airline (nine), as well as service to Australia, American Samoa and Tahiti. Hawaiian also provides approximately 100 daily jet flights among the Hawaiian Islands.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (Amex and PCX: HA). Additional information is available at HawaiianAirlines.com.

Forward Looking Statements

The foregoing information contains certain forward-looking statements that reflect the Company's current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the Company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.

SOURCE Hawaiian Holdings, Inc.

Peter Ingram, CFO of Hawaiian Airlines,
1-808-835-3030, peter.ingram@hawaiianair.com;
or
Investor Relations,
Allyson Pooley, apooley@icrinc.com,
or
Andrew Greenebaum,
agreenebaum@icrinc.com,
both of Integrated Corporate Relations,
1-310-395-2215;
or
Media,
Keoni Wagner,
VP Public Affairs of Hawaiian Airlines,
1-808-838-6778, keoni.wagner@hawaiianair.com

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