Hawaiian Holdings resumes trading

By Deborah Adamson and Dan Nakaso
Advertiser Staff Writers

Shares of Hawaiian Holdings, the parent of Hawaiian Airlines, resumed trading yesterday after the company settled a dispute over unpaid bills from its former stock transfer agent.

Richard Havel, bankruptcy attorney for Hawaiian Holdings, said the company paid the $15,000 it owed Mellon Investor Services and promised to make good on the $1,000 to $2,000 in future monthly fees.

The American Stock Exchange halted trading on the stock on July 14 after Mellon resigned as its agent citing overdue invoices. A stock transfer agent handles shareholder services for a company, such as issuing of stock certificates and mailing of annual reports.

But the settlement loses its punch if Hawaiian Holdings gets delisted, which Amex has threatened to do.

Havel said the exchange raised two issues with the company, but declined to disclose them.

"The company and Amex are continuing discussions," he said.

Stock exchanges and the Nasdaq maintain certain regulatory and financial requirements for continued listing. Shares, for example, have to trade above a minimum price.

Yesterday, Hawaiian Holdings closed at 80 cents a share. It had been trading under $1 after filing for Chapter 11 bankruptcy in March.

Asked when Hawaiian Airlines should expect to emerge from Chapter 11, Havel said no timeline has been set but most companies take at least 12 months to reorganize.