1 Sep 2005

Aloha airlines reported to have been saved from bankruptcy

10:27 am on 1 September 2005

A U.S. mainland investment group looking to buy Aloha Airlines would enable the carrier to pay off its debts and get out of bankruptcy.

The name of the investor group and how much will be invested cannot be released until the deal is approved by the bankruptcy court.

During a court hearing Aloha's attorney Paul Singerman said the company is finalizing the terms with a new investors, who will have a controlling interest in the airline.

This will allow Aloha to pay off 65 million US dollars in loans.

The company had filed for bankruptcy protection in December 2004.