Reported by Star-Bulletin staff & wire
Group withdraws bid for Hawaiian Airlines
The battle for control of Hawaiian Airlines is down to two groups after Madison 50 Air Partners LLC withdrew its reorganization plan for the bankrupt carrier.Madison 50 Air Partners, a unit of New York-based investment banking firm Jefferies & Co., filed a one-sentence notice with federal Bankruptcy Court Wednesday saying it was pulling out of the process. It gave no explanation.
A plan filed by RC Aviation, Hawaiian Airlines trustee Joshua Gotbaum and the unsecured creditors' committee is the clear front-runner. RC Aviation is an investment group of Ranch Capital LLC, which is headed by Lawrence Hershfield. He also is the chairman and chief executive of Hawaiian Airlines parent Hawaiian Holdings Inc.
The other remaining plan is a collaborative effort by Hawaiian Airlines pilot Robert Konop; the Hawaiian Reorganization Committee, comprising some airline employees and small creditors; and the Hawaiian Investment Partners Group LLC, which is made up of investors and venture capitalists.
Both remaining plans have drawn opposition from other parties.
The Air Line Pilots Association is opposing the RC Aviation plan because the plan proposes freezing the pilots' pension plan and replacing it with a defined-contribution plan, and extending the present labor agreement for three years with no wage increases if the two sides can't reach an agreement.
Several groups, including RC Aviation, Gotbaum, the unsecured creditors' committee, Boeing Capital and the Internal Revenue Service, have objected to the Konop plan because they say the plan's disclosure statement missed a filing deadline, includes several defects and contains insufficient information.
[Hawaii Inc.]
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NEW JOBS
» The Hawaii Visitors & Convention Bureau has appointed Kara Imai as e-marketing director. She is responsible for planning, directing and managing all of the bureau's electronic marketing initiatives for consumers, travel trade and members. She has over 11 years of marketing experience in Hawaii, specializing in interactive communications and Web design.» Bank of Hawaii has hired Roger J. Khlopin as institutional equity manager and executive vice president. Before joining the company, he served as Khlopin Financial Services chief investment officer.
PROMOTIONS
» Westin Maui Resort & Spa has promoted Vivian Phan to rooms director. She will be responsible for overseeing all front-office operations, the bell and valet desk and the new spa. She has been with the hotel for 10 years and previously served as human resources director.» Young Brothers Ltd. and Hawaiian Tug & Barge has promoted Dean Kapoi to labor relations director in the personnel and industrial relations department. He will be responsible for coordinating contract negotiations by serving as a liaison between the companies and the labor unions. He previously served as administrator of labor contracts.
