A Mainland investment group will buy Aloha Airlines, in a deal that would allow the state's second-largest carrier to pay off its debts and emerge from bankruptcy protection.
During a bankruptcy court hearing yesterday, Aloha's attorney Paul Singerman said the company is finalizing the terms with a new investor. The name of the investor group and how much will be invested could be disclosed as early as today, when Singerman seeks bankruptcy court approval for the transaction.
The proposed deal will breathe new life into the cash-strapped airline and assure competition in the interisland market for years, but it's not likely to reverse the trend toward higher interisland fares.
"It's good news," said Everett McDaniel, a retirement-plan consultant with Pacific Island Financial Management LLC, who flies to the Neighbor Islands about once a month.
"With two airlines, you have a better choice of flights and seats, and the competition creates better prices."