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Firm switches partners in Hawaiian Airlines bid

Harbert Distressed Investment Fund LP, the main supporter of a now-dead reorganization plan for Hawaiian Airlines, has teamed up with RC Aviation LLC, the clear front-runner to become the new owner of the bankrupt carrier.

Madison 50 Air Partners LP withdrew its reorganization plan for the airline earlier this week after Harbert took its financial chest to RC Aviation.

RC Aviation is backing a plan for the airline along with Hawaiian Airlines trustee Joshua Gotbaum and the airline's unsecured creditors' committee and was instrumental in a restructured aircraft lease deal between Boeing Capital Corp. and Hawaiian.

Harbert became a minority member of RC Aviation's group by contributing part of the $66.5 million that RC Aviation is using to purchase Boeing Capital's claim against Hawaiian Airlines.

Two competing bids remain for the airline. They will be heard in U.S. Bankruptcy Court at 9:30 a.m. Tuesday. The other was filed by Hawaiian Investment Partners Group LLC, the Hawaiian Reorganization Committee LLC and Hawaiian Airlines pilot Robert Konop.