Aloha Airlines ceases all cargo operations [April 28, 2008]
Apr 28, 2008, 9:33 pm
#1
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Aloha Airlines ceases all cargo operations [April 28, 2008]
Yikes... !
http://www.honoluluadvertiser.com/ap...ING03/80428053
Lender unwilling to provide further financing sounds like a very familiar reason...
Aloha Airlines said today it is shutting down its interisland cargo operations.
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Aloha, which carries 85 percent of all goods by air between the islands, said its lender, GMAC Commercial Finance LLC was unwiling to provide further financing.
Aloha flew an afternoon cargo flight today, but the fate of its nighttime shipments was unclear at this time.
The move will put 300 of Aloha's cargo employees out of work.
During a bankruptcy court hearing today one of the bidders, Jupiter Holdings LCC, said it pulled its bid after GMAC and Aloha increased the asking to $15 million from $13.65 million.
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Aloha, which carries 85 percent of all goods by air between the islands, said its lender, GMAC Commercial Finance LLC was unwiling to provide further financing.
Aloha flew an afternoon cargo flight today, but the fate of its nighttime shipments was unclear at this time.
The move will put 300 of Aloha's cargo employees out of work.
During a bankruptcy court hearing today one of the bidders, Jupiter Holdings LCC, said it pulled its bid after GMAC and Aloha increased the asking to $15 million from $13.65 million.
Lender unwilling to provide further financing sounds like a very familiar reason...
Apr 29, 2008, 2:15 pm
#4
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So that means AQ is going from Chap 11 -> Chap 7. Why in the world did the lender not go with the buyer before cutting off financing?
Apr 29, 2008, 2:38 pm
#5
Join Date: May 2005
Location: Suburbia :rolleyes:
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From what I can fathom, it appears that the lender (GMAC) got greedy and wanted more for the cargo operation than what it was worth out on the open market. Not only that but they it seems they also added additional conditions that were not part of the original court orders, frustrating the top bidders so much that they walked out.
Once GMAC saw that they weren't going to get anywhere near their asking price, they decided to pull the plug. Why they would pull the plug instead of accepting the highest prevailing bid for the operation is beyond me, unless they feel they can get more by liquidating the remaining assets of the company piecewise instead of selling it all as one operation.
HA and other interisland cargo carriers will indeed have their hands fill until someone else can step up to fill the lost cargo capacity.
Once GMAC saw that they weren't going to get anywhere near their asking price, they decided to pull the plug. Why they would pull the plug instead of accepting the highest prevailing bid for the operation is beyond me, unless they feel they can get more by liquidating the remaining assets of the company piecewise instead of selling it all as one operation.
HA and other interisland cargo carriers will indeed have their hands fill until someone else can step up to fill the lost cargo capacity.
Apr 29, 2008, 4:02 pm
#6
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Believe it or not, they are now shipping fresh bread from HNL to the other islands via... the mainland!
Apr 29, 2008, 4:42 pm
#7
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Maybe the Govenor can declare a state of emergency and get some military airlift out of Hickam AFB (tounge only slightly in cheek).
I would think that some air cargo company (FedEx, UPS, or someone else) would quickly jump into the market with a couple of dedicated planes considering the overall lack of airlift capacity now that Aloha is gone completely.
I would think that some air cargo company (FedEx, UPS, or someone else) would quickly jump into the market with a couple of dedicated planes considering the overall lack of airlift capacity now that Aloha is gone completely.
Apr 30, 2008, 5:59 am
#8
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HA probably gets most of the small stuff, but for heavier/bulkier things that don't go well on a 717... hmm?
SuperFerry will probably pick up some of the slack to Maui.
Pacific Air Cargo in L.A. is interested, according to
this article - maybe they can do LAX-ITO-HNL-ITO-LAX turns.
SuperFerry will probably pick up some of the slack to Maui.
Pacific Air Cargo in L.A. is interested, according to
this article - maybe they can do LAX-ITO-HNL-ITO-LAX turns.
May 1, 2008, 4:02 pm
#10
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Location: Suburbia :rolleyes:
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A twist to the saga:
Saltchuk is confirming that it is buying AQ Cargo:
http://honoluluadvertiser.com/apps/p...#pluckcomments
http://starbulletin.com/breaking/breaking.php?id=7038
Saltchuk is confirming that it is buying AQ Cargo:
http://honoluluadvertiser.com/apps/p...#pluckcomments
http://starbulletin.com/breaking/breaking.php?id=7038
May 15, 2008, 2:42 am
#11
Join Date: Jul 2001
Location: San Francisco, CA
Posts: 168
Aloha Air Cargo now has a new owner!
http://kgmb9.com/main/content/view/6477/40/
http://kgmb9.com/main/content/view/6477/40/
The $10.5-million sale to a subsidiary of Saltchuk Resources allowed nearly 400 former Aloha Airlines employees to be rehired....
"As a brand new company, we had the opportunity to hire whoever we want to hire and that's what we did. In every category we think we got the best and the brightest employees," said Coffman...
Proceeds from the sale will be used to pay employees.
Those who worked their regular hours will be paid by GMAC Commercial Finance, Aloha's main lender, for their time dating back to April 16.
"As a brand new company, we had the opportunity to hire whoever we want to hire and that's what we did. In every category we think we got the best and the brightest employees," said Coffman...
Proceeds from the sale will be used to pay employees.
Those who worked their regular hours will be paid by GMAC Commercial Finance, Aloha's main lender, for their time dating back to April 16.
Nov 16, 2008, 11:52 pm
#12
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Goodbye Aloha Airlines livery... 
http://www.airliners.net/photo/Aloha...Adv/1419520/M/
Spotted this in the old AQ hangars today.
http://www.airliners.net/photo/Aloha...Adv/1419520/M/
Spotted this in the old AQ hangars today.