STAR-BULLETIN / NOVEMBER 2002
Hawaiian Airlines, which filed bankruptcy Friday, is in talks to resume trading of its stock.
Hawaiian Airlines said yesterday the American Stock Exchange is considering a request by the company to allow its stock to resume trading. Hawaiian Air stock still halted
By Dave Segal
dsegal@starbulletin.comThe AMEX will inform Hawaiian of its decision in "the next few days," according to Hawaiian spokesman Keoni Wagner.
On Friday, the stock of the carrier's parent, Hawaiian Holdings Inc., was halted at midday when Hawaiian Airlines filed for Chapter 11 reorganization bankruptcy. The shares last traded at $1.50, just above their all-time closing low of $1.30 on March 3.
"(The AMEX's) policy in the case of Chapter 11 filings typically is to halt trading of the company, but in light of the circumstances and the strategic focus of our filings, they will consider allowing continued trading," Wagner said. "The purpose of the filing was to facilitate our negotiations with aircraft lessors and is not intended to be a comprehensive restructuring of the company's finances."
Wagner also said that Hawaiian, which is due to report its full-year earnings no later than Monday, likely will seek the standard 15-day extension on its 10-K filing.
Richard Dole, chief executive officer of Honolulu-based Dole Capital LLC, said the bankruptcy throws a "ringer" into the stock.
"It's over a dollar now, but if it opens up for trading, I'm not so sure it will stay there," Dole said. "It might be pennies."
Dole said he was surprised Hawaiian filed for Chapter 11 given the success the airline had in winning $15 million in cost concessions from its employees.
Wagner said, though, that the inability to get a similar amount in concessions from its aircraft lessors forced the action.
"We were on the telephone to try to avoid the filings right up until a few hours before going to court," Wagner said.
The airline's stock is down 26.5 percent this year and 54.6 percent over the past 52 weeks.
Hawaiian Airlines
