Group rescinds plan for Hawaiian Air

Advertiser Staff

Boeing Capital Corp. and Corporate Recovery Group LLC, which at one point were considered strong contenders to take over Hawaiian Airlines, without explanation have withdrawn their plan to reorganize Hawai'i's largest airline.

Boeing Capital leases airplanes to Hawaiian and is the airline's largest creditor. Its plan with CRG would have included Bruce Nobles, Hawaiian's former CEO.

BCC and CRG also told the U.S. Bankruptcy Court that they have terminated a cooperation agreement between them.

Another group that has submitted a reorganization plan, Hawaiian Investment Partners Group LLC, which is headed by Hawaiian pilot Robert Konop, also has amended its plan to include an infusion of $60 million in cash.

The money comes from a partnership with Las Vegas-based USA Capital and represents the only plan to include additional capital, according to Hawaiian Investment Partners Group.

Other plans have been submitted by Ranch Capital LLC, which bought $41 million worth of Hawaiian Airlines' parent company's stock, and Madison Air Partners, a unit of New York-based investment banking firm Jefferies & Co.

Ranch Capital's bid has won the endorsement of Hawaiian's bankruptcy trustee and Hawaiian's creditors committee.