Hawaiian filed for bankruptcy protection last month to help it win more favorable leases from aircraft suppliers. Hawaiian said yesterday it was "essentially done" with negotiations with two other lessors, leaving only Boeing Capital to deal with.

Hawaiian's active fleet includes 16 jets from Boeing Capital.

Hawaiian asked the bankruptcy court in a filing yesterday to give it permission to set terms for alternative aircraft lease arrangements.

The deadline for negotiations with Boeing Capital is May 20. Hawaiian has asked the court to extend that deadline.

Hawaiian wants permission to enter into "term sheets" outlining financial terms for lease agreements and to make deposit payments estimated at $150,000 to $500,000 each. Hawaiian also wants permission to keep the terms of agreements, which it said could adversely affect negotiations with Boeing Capital, under seal.

Hawaiian is also asking the court for authorization to reject certain aircraft leases with Ansett Worldwide Aviation Services Inc. and Boeing Capital for planes no longer needed. RedChip Review analyst Brian Smith, who recommends investors sell Hawaiian shares, told shareholders in a report on March 25 "as with any airline bankruptcy, the very real possibility exists that the company could be liquidated."