Who Bought Aloha Cargo
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Unknown at this time.
A Seattle company, Saltchuk made an offer of $13 million but apparently they have just been outbid, by whom, I have no idea.
http://www.chron.com/disp/story.mpl/ap/fn/5729354.html
http://www.chron.com/disp/story.mpl/ap/fn/5729354.html
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Latest news from The Wall Street Journal/Dow Jones Newswires is:
Judge OKs Sale Of Aloha Airlines' Contract Services Division
HONOLULU (AP)--A U.S. bankruptcy judge has approved the sale of Aloha Airlines' contract services to Pacific Air Cargo LLC for about $2 million.
Judge OKs Sale Of Aloha Airlines' Contract Services Division
HONOLULU (AP)--A U.S. bankruptcy judge has approved the sale of Aloha Airlines' contract services to Pacific Air Cargo LLC for about $2 million.
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Contract services.
Correct me if I'm wrong but I believe those "contract services" are the ticket agents, ground crew, etc.
Not exactly the "cargo operation."
Two million dollars would be a steal, no?
Not exactly the "cargo operation."
Two million dollars would be a steal, no?
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'Twould appear to be nobody!
The Associated Press
Tuesday, April 29, 2008; 2:24 AM
HONOLULU -- Aloha Airlines shut down its cargo division Monday because its primary lender decided not to provide further financing.
Aloha carries 85 percent of the state's interisland air cargo, including all mail to and from Maui and the Big Island.
Airline attorneys say GMAC Commercial Finance's decision to stop financing Monday came after two companies interested in buying the cargo division pulled out.
One of the two companies, Jupiter Holdings Group, said it bowed out when Aloha and GMAC increased the asking price to $15 million. Jupiter had been the highest bidder with an offer of $13.65 million.
Aloha's cargo division transported a wide variety of items, including all mail to and from Maui and the Big Island, as well as produce and fresh flowers.
Gov. Linda Lingle said she was in contact with the mayors of Maui, Kauai and the Big Island to see what they could do to ensure continued interisland air cargo service.
U.S. bankruptcy court will appoint a trustee to oversee the cargo division's liquidation.
"Because it was a grim possibility, it takes us all by surprise," U.S. Bankruptcy Court Judge Lloyd King said.
Aloha filed for bankruptcy last month and then shut down its unprofitable passenger service March 31 after it was unable to find a buyer. The passenger business had long suffered from rising fuel prices and stiff competition triggered by an interisland airfare war.
Aloha's cargo business was the one division that made a substantial profit.
King says the latest developments won't affect the sale of Aloha's contract services division to Pacific Air Cargo for $2.2 million.
That division, which takes care of baggage handling and other ground services in Hawaii for Japan Airlines, United Airlines and other carriers, was nominally profitable. It employs about 1,100 people.
The Associated Press
Tuesday, April 29, 2008; 2:24 AM
HONOLULU -- Aloha Airlines shut down its cargo division Monday because its primary lender decided not to provide further financing.
Aloha carries 85 percent of the state's interisland air cargo, including all mail to and from Maui and the Big Island.
Airline attorneys say GMAC Commercial Finance's decision to stop financing Monday came after two companies interested in buying the cargo division pulled out.
One of the two companies, Jupiter Holdings Group, said it bowed out when Aloha and GMAC increased the asking price to $15 million. Jupiter had been the highest bidder with an offer of $13.65 million.
Aloha's cargo division transported a wide variety of items, including all mail to and from Maui and the Big Island, as well as produce and fresh flowers.
Gov. Linda Lingle said she was in contact with the mayors of Maui, Kauai and the Big Island to see what they could do to ensure continued interisland air cargo service.
U.S. bankruptcy court will appoint a trustee to oversee the cargo division's liquidation.
"Because it was a grim possibility, it takes us all by surprise," U.S. Bankruptcy Court Judge Lloyd King said.
Aloha filed for bankruptcy last month and then shut down its unprofitable passenger service March 31 after it was unable to find a buyer. The passenger business had long suffered from rising fuel prices and stiff competition triggered by an interisland airfare war.
Aloha's cargo business was the one division that made a substantial profit.
King says the latest developments won't affect the sale of Aloha's contract services division to Pacific Air Cargo for $2.2 million.
That division, which takes care of baggage handling and other ground services in Hawaii for Japan Airlines, United Airlines and other carriers, was nominally profitable. It employs about 1,100 people.
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Mokulele to Carry Hawaiian Cargo
As failed Aloha Airlines leaves the inter-island freight business in Hawaii, a small passenger carrier is set to move in to its place.
Officials at Mokulele Airlines say they had planned the expansion even before the March 31 shutdown of the state's only major inter-island cargo carrier.
According to published news reports, the federal Transportation Security Administration and local officials earlier this week granted Mokulele approval to begin flying cargo in and out of Honolulu International Airport.
As failed Aloha Airlines leaves the inter-island freight business in Hawaii, a small passenger carrier is set to move in to its place.
Officials at Mokulele Airlines say they had planned the expansion even before the March 31 shutdown of the state's only major inter-island cargo carrier.
According to published news reports, the federal Transportation Security Administration and local officials earlier this week granted Mokulele approval to begin flying cargo in and out of Honolulu International Airport.
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Ah!
All change again according to today's New York Times:
May 2, 2008
Aloha cargo service gets green light to fly again
By THE ASSOCIATED PRESS
Filed at 3:07 a.m. ET
HONOLULU (AP) -- Aloha Airlines was cleared to resume cargo operations Thursday night under an agreement approved by a bankruptcy court judge.
The operations, which handled 85 percent of Hawaii's interisland air cargo before shutting down Monday, will be overseen by a court-appointed trustee until May 14. That is when the sale of Aloha's cargo division to Seattle-based Saltchuk Resources Inc. is to be completed.
Saltchuk, parent company of Hawaii's biggest interisland ocean shipper, announced earlier in the day that it had worked out a deal to buy Aloha's cargo operation by obtaining the consent of Aloha's main lender, GMAC Commercial Finance. The purchase price wasn't announced.
The agreement called for operations to resume by midnight Thursday, with Aloha's cargo employees to be hired to return to run the operation.
Last week, Saltchuk pulled out of an auction for the cargo service after its $13 million offer was outbid by another company. The auction ended with no winner.
Saltchuk President Tim Engle said his company's interest was revived by the efforts of Sen. Daniel Inouye, D-Hawaii, and his staff.
''We re-engaged in our efforts to acquire Aloha's air cargo operation after Sen. Inouye personally called us shortly after the shutdown of operations earlier this week,'' Engle said in a news release.
Inouye said that when he learned of the shutdown, he couldn't just sit by.
''There were just too many people and businesses being hurt,'' he said in a news release. ''I had to reach out and offer my help to get a primary air cargo operation back in business.''
There was no mention in the announcement of which pilots would be used to fly the planes. Before the cargo operation was shut down, the Air Line Pilots Association had voted overwhelmingly to authorize a strike of Aloha cargo operations in a dispute over which pilots would fly the planes.
The union wants the airline to use seniority to determine which pilots to use for the cargo flights, and to include those who had been piloting passenger flights.
Saltchuk's announcement said the rehired Aloha cargo employees would work for the newly formed Saltchuk subsidiary Aeko Kula Inc.
In 2000, Saltchuk acquired Young Brothers/Hawaiian Tug & Barge, the state's largest interisland cargo service. In 2006, the company purchased Hawaii Fuel Network, Maui Petroleum and Minit Stop Stores. Saltchuk also owns Northern Air Cargo, the largest cargo carrier in Alaska, which uses the same type of aircraft as Aloha.
Aloha filed for bankruptcy and then closed down its passenger service in March. It has sold its contract services division to Pacific Air Cargo for $2 million, a move U.S. Bankruptcy Court Judge Lloyd King formally approved on Thursday.
All change again according to today's New York Times:
May 2, 2008
Aloha cargo service gets green light to fly again
By THE ASSOCIATED PRESS
Filed at 3:07 a.m. ET
HONOLULU (AP) -- Aloha Airlines was cleared to resume cargo operations Thursday night under an agreement approved by a bankruptcy court judge.
The operations, which handled 85 percent of Hawaii's interisland air cargo before shutting down Monday, will be overseen by a court-appointed trustee until May 14. That is when the sale of Aloha's cargo division to Seattle-based Saltchuk Resources Inc. is to be completed.
Saltchuk, parent company of Hawaii's biggest interisland ocean shipper, announced earlier in the day that it had worked out a deal to buy Aloha's cargo operation by obtaining the consent of Aloha's main lender, GMAC Commercial Finance. The purchase price wasn't announced.
The agreement called for operations to resume by midnight Thursday, with Aloha's cargo employees to be hired to return to run the operation.
Last week, Saltchuk pulled out of an auction for the cargo service after its $13 million offer was outbid by another company. The auction ended with no winner.
Saltchuk President Tim Engle said his company's interest was revived by the efforts of Sen. Daniel Inouye, D-Hawaii, and his staff.
''We re-engaged in our efforts to acquire Aloha's air cargo operation after Sen. Inouye personally called us shortly after the shutdown of operations earlier this week,'' Engle said in a news release.
Inouye said that when he learned of the shutdown, he couldn't just sit by.
''There were just too many people and businesses being hurt,'' he said in a news release. ''I had to reach out and offer my help to get a primary air cargo operation back in business.''
There was no mention in the announcement of which pilots would be used to fly the planes. Before the cargo operation was shut down, the Air Line Pilots Association had voted overwhelmingly to authorize a strike of Aloha cargo operations in a dispute over which pilots would fly the planes.
The union wants the airline to use seniority to determine which pilots to use for the cargo flights, and to include those who had been piloting passenger flights.
Saltchuk's announcement said the rehired Aloha cargo employees would work for the newly formed Saltchuk subsidiary Aeko Kula Inc.
In 2000, Saltchuk acquired Young Brothers/Hawaiian Tug & Barge, the state's largest interisland cargo service. In 2006, the company purchased Hawaii Fuel Network, Maui Petroleum and Minit Stop Stores. Saltchuk also owns Northern Air Cargo, the largest cargo carrier in Alaska, which uses the same type of aircraft as Aloha.
Aloha filed for bankruptcy and then closed down its passenger service in March. It has sold its contract services division to Pacific Air Cargo for $2 million, a move U.S. Bankruptcy Court Judge Lloyd King formally approved on Thursday.
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Getting sold on the 14th for 10.5 M USD. I guess they had trouble with the brain surgeons running the pilot union, they should have given it up as Aloha is over like most US carriers.
