Aloha Completes $45 Million Loan Guaranteed by ATSB
HONOLULU, Dec. 23 /PRNewswire/ -- Aloha Airlines today announced the
completion of a $45 million loan from Citibank along with the final approval
and issuance of a $40.5 million loan guarantee from the Air Transportation
Stabilization Board.
The loan was arranged by Salomon Smith Barney and Mercer Management
Consulting acted as financial adviser.
Glenn R. Zander, Aloha's President and Chief Executive Officer, expressed
thanks and appreciation to Aloha's employees, shareholders, banks, and
aircraft lessors for the concessions made as part of the loan process.
Additionally, he noted that the support of Hawaii's Congressional Delegation,
led by U.S. Senator Daniel K. Inouye, was instrumental in demonstrating the
key role Aloha plays in the region's transportation system.
"Today marks a new beginning for Aloha," said Zander. "With the
completion of this financing, Aloha will be able to move forward with its
plans for the future, which include further increases of service to the U.S.
Mainland and Pacific islands, as well as continuing to serve the people of
Hawaii in our traditional interisland transportation niche. The support of
the lenders, lessors, the ATSB and our employees is greatly appreciated."
Aloha Airlines is a privately held carrier that has served Hawaii's
interisland market since 1946. Beginning in February 2000, Aloha expanded its
service to West Coast markets including Oakland, Orange County and Burbank,
California; Las Vegas, Nevada; Phoenix, Arizona; and Vancouver, Canada.
Aloha also serves destinations in the Pacific, including Rarotonga in the Cook
Islands and Majuro in the Marshall Islands.
Roger
EWROPS