penguinflies
Posts: 932
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Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 3:13 am

Article from the Honolulu Star Bulletin:

Hawaiian's Trustee Resigns from Position

http://starbulletin.com/2003/06/25/news/index1.html

Basically says he resigned for personal reasons (most likely health issues). Anyway, what is interesting is that The U.S. District Attorney dropped the names Dutta, former UAL CEO, Compton, former TWA CEO, Gotbaum, former associate director of the US Office of Management and Budget, as possible people for the position.

Hawaiian already got another 30-day extension from Boeing Capitol for the leases on the 717 and part of the 767 fleet. I think the extension runs out on July 31. If there is no agreement and no extension after that, Boeing Capitol has the opportunity to start repossession.

We'll see who gets it.
 
JetRanger2000
Posts: 227
Joined: Sun Feb 13, 2000 8:21 am

RE: Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 3:32 am

Well, at leasts its not on July 4, when i'm flying Hawaiian to Honolulu.
I'd like to see how those repo men would get the plane!
 
penguinflies
Posts: 932
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RE: Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 3:41 am

Same information, same day publishing, but the two Hawaii papers have different information:


The Honolulu Advertiser:
http://the.honoluluadvertiser.com/article/2003/Jun/20/bz/bz20a.html

Hawaiian Airlines received a second 60-day extension to renegotiate aircraft lease terms with Boeing Capital Corp.

Hawaiian wants to re- structure agreements for 16 planes it leases from Boeing



Honolulu Starbulletin:
http://starbulletin.com/2003/06/20/business/index1.html


Boeing extends Hawaiian lease
Hawaiian Airlines said yesterday it has reached agreement with Boeing Capital Corp. on a second 30-day extension in which the aircraft lessor cannot take any action to repossess the 16 planes -- 13 Boeing 717s and three Boeing 767s -- leased by the airline.
The existing extension, which falls under Section 1110 of the U.S. Bankruptcy Code, previously was scheduled to lapse next Friday. It now has been extended to July 31.

Hawaiian, which filed for Chapter 11 reorganization bankruptcy on March 21 and is operating under trustee John Monahan, last week reached a similar extension agreement with lessor International Lease Finance Corp. The agreement with ILFC involving four 767s was extended until July 21.

The airline signed a restructured agreement with its other lessor, Ansett Worldwide, last month.

 
ConcordeBoy
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RE: Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 3:45 am

And that will probably spell the end of this bankrupt carrier... at least as we know it today.

In all honesty not really sure the death/downsizing of HA would affect Hawaii, as a whole, all that much. It's not as if the big5 would waste any time in ramping their Hawaiian capacity, and may decide to extend some of their own HNL/OGG flights to other islands as well. If nothing else, at least AQ's interisland service would be fortified.
Faire du ciel le plus bel endroit de la terre c'est impossible sans Concorde!
 
brons2
Posts: 2462
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RE: Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 4:01 am

All this because of shareholder greed, pretty much.

They didn't have to pay those $20+million in dividends, but they did.

Sad.
Firings, if well done, are good for employee morale.
 
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EA CO AS
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RE: Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 4:12 am

There's a rumor going around that a deal between HP and HA is in the works, with Boeing and GE Capital financing the deal.
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
HAL
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RE: Hawaiian Airlines Trustee Resigns

Thu Jun 26, 2003 4:01 pm

There's a rumor going around that a deal between HP and HA is in the works, with Boeing and GE Capital financing the deal.

I haven't heard that one yet. Where did you get it? And does it include merging us with HP? Also, not sure why GE would be involved, since we have only Pratts on the 767's.

And that will probably spell the end of this bankrupt carrier... at least as we know it today

I doubt it. We're having record advance bookings, very high loads, and operationally we're the best on-time airline in the US right now. The entire sad bankruptcy episode was started because management felt Boeing wasn't playing ball on the lease re-negotiations. Rightly so, Boeing balked at that because of the shady dealings of management in the last year. However it backfired on John Adams & co., and the court put in the trustee, taking away all power from Adams. Losing Monahan so early doesn't help, but I don't think it in any way dooms us.

There's a lot good happening at HA. Hopefully we'll get the chance to prove it out of bankruptcy soon.

HAL

One smooth landing is skill. Two in a row is luck. Three in a row and someone is lying.
 
penguinflies
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RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 12:51 am

HAL or HADC9, Are there any rumors of who employees would like to see as trustee?
 
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EA CO AS
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RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 2:11 am

I haven't heard that one yet. Where did you get it? And does it include merging us with HP? Also, not sure why GE would be involved, since we have only Pratts on the 767's.

I've actually heard that from a few HP employees. I'm not surprised though; they have a tendency to delude themselves into believing that THEY will be the surviving carrier in ANY merger or purchase situation, even when the HP/US and HP/TW rumors were floating around.

If such a deal were to happen, the fact that the 763s have PW powerplants on them would be irrelevant to GE Capital getting in on the deal. They're a financial powerhouse and will do a deal if they stand to make money. The engines HA uses are only a footnote to them.
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
HAL
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RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 9:05 am

HAL or HADC9, Are there any rumors of who employees would like to see as trustee?

Personally, what I'd like to see is somebody with (wonder of wonders) actual airline management experience. Not somebody who's claim to fame is good bankruptcy skills, not somebody who was second cousin to a low level airlines dispatcher, but somebody who actually ran an airline!!!

For way too many years HA has been run like the little mom & pop store by people whose main interest has been lining their pockets - not growing the airline to what it should be. What we need is somebody from the mainland who knows what an airline is supposed to be!

OK, I'm off the soapbox now. Thanks.  Smile

HAL
One smooth landing is skill. Two in a row is luck. Three in a row and someone is lying.
 
mhsieh
Posts: 327
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RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 9:23 am

Which airline is HP? Aloha or America West?
Thanks.
 
artsyman
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Joined: Wed Feb 28, 2001 12:35 pm

RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 9:31 am

I doubt it. We're having record advance bookings, very high loads, and operationally we're the best on-time airline in the US right now
*************

Everyone is having record advance bookings at the moment, but when were you best for on-time ?. United was first for March-April, Continental was best for May.

Jeremy
 
ha763
Posts: 3168
Joined: Mon Jan 06, 2003 5:36 pm

RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 10:02 am

Everyone is having record advance bookings at the moment, but when were you best for on-time ?. United was first for March-April, Continental was best for May.

The published on-time performances are only for the top 10 airlines. HA is the 12th largest airline in the US. Before I left HA, the on-time performance was in the high 90's for interisland and 70-80% transpac/southpac. That was when they still had the DC-10's.

Not only that, but they also have reduced their net YTD losses after earning $14.3 million before taxes in May. Operating income for May was $15.9 million and now are in back in the black with an YTD operating profit of $3.1 million. Unresticted cash and equivalents also grew to $45.8 million from $35.9 million last month. So their high loads are also corresponding with rather good revenue right now.

http://starbulletin.com/2003/06/26/business/bizbriefs.html
 
hawaiian717
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RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 10:08 am

Mhsieh wrote:
Which airline is HP? Aloha or America West?

HP is America West. Aloha is AQ.

David / HNL
 
HAL
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RE: Hawaiian Airlines Trustee Resigns

Fri Jun 27, 2003 2:24 pm

Artsyman wrote:

Everyone is having record advance bookings at the moment, but when were you best for on-time ?. United was first for March-April, Continental was best for May.


The 'on time' reports normally carried by the media only include the major airlines, the eight or nine largest airlines. Hawaiian is 12th largest, so misses out on that category. However we do have a better on-time record than any of the major airlines - but it's just that the media doesn't consider us a major.

HAL
One smooth landing is skill. Two in a row is luck. Three in a row and someone is lying.
 
masseybrown
Posts: 4427
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RE: Hawaiian Airlines Trustee Resigns

Sat Jun 28, 2003 2:40 am

Since it's 29 cent low, two weeks ago, HAL stock is up 155% to 74 cents today. Not a bad gain at all.
 
penguinflies
Posts: 932
Joined: Thu Apr 06, 2000 12:00 pm

RE: Hawaiian Airlines Trustee Resigns

Sun Jun 29, 2003 1:24 am

published in 6/28 Starbulletin Business Briefs

Naming of airline trustee delayed
The search for a new Hawaiian Airlines trustee will be extended into next week.
San Diego-based U.S. Trustee Steven Katzman, who was in Hawaii most of this week, probably will name a trustee on Monday to lead the carrier through Chapter 11 reorganization bankruptcy, according to a source close to the situation.

Katzman had been hoping to select a replacement by yesterday. However, he flew back to California last night without naming someone to take over from former Liberty House executive John Monahan, who resigned Tuesday for personal reasons. Monahan, who is continuing in his position until a replacement is found, stepped down due to health issues, sources said.

The Trustee's Office would like to find a candidate with a Hawaii connection, airline experience and a bankruptcy background, but most likely will settle for the latter two, another source said.
 
penguinflies
Posts: 932
Joined: Thu Apr 06, 2000 12:00 pm

RE: Hawaiian Airlines Trustee Resigns

Wed Jul 02, 2003 1:20 am

http://starbulletin.com/2003/07/01/business/bizbriefs.html

Who the heck is Charles Bowers?





A former United Airlines executive with an extensive marketing and sales background is expected to be named the new trustee of Hawaiian Airlines, sources close to the situation said.

Christopher Bowers, a late addition in the trustee search, will be officially selected either today or tomorrow if his background check and other undisclosed logistical issues are resolved, sources said. He will replace former Liberty House executive John Monahan, who suddenly resigned last Tuesday after just 22 days on the job.

Monahan, who cited personal reasons, will continue in his current role until Bowers is in place. Sources have said Monahan is stepping down due to health reasons.

Bowers has knowledge of Hawaii's business operations through his previous role as United's senior vice president for North America and other positions. In December he was named senior vice president for sales and reservations. Prior to that, Bowers was in charge of the airline's marketing and sales. He retired from the company earlier this year. Bowers could not be reached for comment yesterday.

However, in an April news release from United, Bowers talked glowingly of Hawaii when announcing a fare sale.

"Hawaii has universal appeal because of its physical beauty and wonderful ambience," Bowers said.

Sources said Bowers was a consensus selection of aircraft lessor Boeing Capital Corp. and the unsecured-creditors committee.

"He's very highly regarded in the industry," a source said. "He knows the business extremely well."

U.S. Trustee Steven Katzman, who is in charge of making the appointment, said yesterday he was making progress and that matters were being resolved. However, he declined to identify the candidate or offer any information about the individual.

"There is a stated preference by (Boeing Capital and the creditors committee), and I'm trying to accede to that stated preference," Katzman said. "One person appears to be fitting all the parameters."

But, Katzman added, "we have a contingency plan so we can expedite this as quickly as possible."

Hawaiian, which filed for Chapter 11 reorganization bankruptcy on March 21, was forced into a trusteeship after Boeing Capital filed a motion accusing Hawaiian Chairman and Chief Executive Officer John Adams of insider dealing and conflict of interest. After Boeing Capital, the creditors committee and the airline were unable to reach a compromise, U.S. Bankruptcy Court Judge Robert Faris ordered on May 16 that a trustee be appointed. Monahan was named to the position May 30.

Katzman originally had hoped to name a replacement for Monahan by Friday, but that decision was delayed as the U.S. Trustee's Office pored through the credentials of new candidates as well as the names of former applicants.

"What's holding up the process is that we're now working out the logistics with the person appointed so he can accept the appointment," Katzman said. "Making a decision as quickly as possible is important for the company, but, that said, we have to make sure the decision is the best one possible."

Bowers, who joined United in 1973 as air freight supervisor at Chicago's O'Hare International Airport, was involved with various sales and marketing positions until 1995 when he was named senior vice president-international. He remained in that position for three years until taking on the position of senior vice president for North America in September 1998.

In 2001, Bowers joined the board of Orbitz Inc., an online travel company owned by major U.S. airlines, including United.

"Chris Bowers is a well-respected, savvy senior manager who understands the vital interdependence of our North American and international markets," Jerry Greenwald, United's former chairman and chief executive officer, said in a September 1998 press release. "He has been an invaluable member of the senior management team."

 
HAL
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RE: Hawaiian Airlines Trustee Resigns

Wed Jul 02, 2003 6:33 am

I really hope this holds true. We've needed a 'real' airline guy for years. Hopefully he'll be the one to get us back where we belong.

HAL
One smooth landing is skill. Two in a row is luck. Three in a row and someone is lying.

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