Hawaiian Air may Hawaiian Airlines has filed a motion with U.S. Bankruptcy Court seeking permission to have other aircraft and crew available if the company's aircraft lessors repossess some or all of their planes.
swap out planes, crew
Aircraft lessor Ansett has denied
it has a new deal with the local airlineBy Dave Segal
dsegal@starbulletin.comThe company also filed a separate motion requesting that it be able to reject two 767s scheduled for delivery over the next several weeks.
No hearing date has been set yet.
Hawaiian would need new crew if the airline signs a wet lease, which would involve the use of planes that the airline's present crew would not be qualified to fly. Hawaiian also has asked permission to sign dry leases, which would not involve a new crew and would involve bringing in planes similar to the ones the airline is using now.
"It would be a temporary measure but this is not something we're doing at this point," airline spokesman Keoni Wagner said today. "We're just requesting permission to enter into such agreements, if and when they're deemed necessary, to protect our operations."
Wagner said the motion was "nonspecific" and that the airline wasn't specifying whether it was referring to its interisland fleet of 717s, its trans-Pacific fleet of 767s, or both.
The carrier, which is in Chapter 11 reorganization bankruptcy, has until May 20 to reach an agreement with its three aircraft lessors, Boeing Capital Corp., Ansett Worldwide and International Lease Finance Corp. The planes that Hawaiian is seeking to reject consist of the 767 due for delivery this month by Boeing Capital and the 767 scheduled for delivery next month by Ansett Worldwide.
Meanwhile, an Ansett Worldwide spokesman denied yesterday the aircraft lessor has worked out an agreement with Hawaiian Airlines, contradicting a claim the carrier made in a memo to its employees.
Hawaiian Chairman and Chief Executive Officer John Adams said in a letter dated Friday that the company's restructuring with two of its three aircraft lessors was "essentially done" and that Boeing Capital represented the one remaining barrier.
However, Ansett spokesman Michael James said yesterday negotiations with Hawaiian are continuing and "from our point of view we have not signed off on anything.
"When such an agreement is reached, it will have to be ratified by the court," James added.
International Lease Finance didn't return several calls for comment.
Wagner said yesterday he would not elaborate on the memo.
In another development, RedChip Review's Brian Smith, the only analyst to cover Hawaiian Airlines, has downgraded the stock to "sell" from "hold." In a March 25 report, Smith reduced his 12-month target price for the stock to $1 from $1.50 and said that "like many airlines before it, Hawaiian Airlines may have to liquidate its assets, and the company may no longer exist six months or a year from now."
Equity research firm RedChip Review is based in Portland, Ore.