leelaw
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AQ Creditors Committee Backs New Chapter 11 Plan

Thu Feb 02, 2006 3:55 am

(Dow Jones News Wires) WASHINGTON -- The committee representing Aloha Airlines Inc.'s unsecured creditors is throwing its support behind the carrier's revised Chapter 11 plan, even though the new proposal significantly cuts the potential recovery on unsecured claims.

In court papers filed Monday, the committee said that while it's "not pleased" that Aloha's modified reorganization proposal eliminates a $2 million note and $175,000 cash payment for unsecured creditors, the plan "represents the only viable alternative" to ensure Aloha's exit from Chapter 11 bankruptcy protection...
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