Hawaiian Air
restructuring
is approved

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By Dave Segal
dsegal@starbulletin.com

Hawaiian Airlines Inc. became the fourth publicly traded Hawaii company to change its corporate name in the last nine months when shareholders today approved the restructuring of the Honolulu-based carrier.

The airline also announced it will be reducing flights or cutting seat capacity for five round-trip mainland flights for the fall, and will increase seat capacity on one flight. The airline will cut capacity for its San Francisco-Maui, Los Angeles-Maui, Ontario-Honolulu and Los Angeles-Honolulu flights. It is increasing capacity on the San Francisco-Honolulu flight.

The airline, which created a new parent company, now will be called Hawaiian Holdings Inc. and will shift its incorporation from Hawaii to Delaware. Hawaiian Airlines will become a wholly owned subsidiary.

Hawaiian, which needed 75 percent of the votes for passage, received 79.4 percent, or 22 million total votes, in favor. The airline said the holding-company structure, which will become effective sometime next week, will give it flexibility.

In addition, shareholders approved the election of 10 current board members and one new one, Gregory Anderson. He replaces Paul Casey, the former vice chairman, chief executive officer and president, who resigned in June. The election of the board was a certainty Airline Investors Partnership LP owns 50.9 percent of the common and special preferred stock. AIP is controlled by John Adams, chairman, president and CEO of Hawaiian.

Hawaiian shareholders automatically will become shareholders of the new company, which will continue trading under the ticker symbol HA on the American Stock Exchange.

Mera Pharmaceuticals Inc. (formerly Aquasearch Inc.), Bank of Hawaii Corp. (Pacific Century Financial Corp.) and Ceatech USA Inc. (Controlled Environment Aquaculture Technology Inc.) also recently changed their names.