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Crude Costs Push Airline Into Chapter 11

23 March 2008

The sun is not shining on Aloha Airgroup as the Hawaiian airline files for bankruptcy to stay in business. The company blames high fuel costs and a local competitor.

The Honolulu, HI-based airline and freight service filed for chapter 11 bankruptcy protection on Friday. Aloha presented the court with a financial plan in hopes that it can keep up normal operations and retain its 3,500 employees. The financial plan will consist of a cash collateral financing arrangement with its principle capital lender General Motors Acceptance Corporation a subsidiary of private -equity firm Cerberus Capital Management and General Motors.

source: Forbes

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