Posted on: Friday, June 3, 2005

BUSINESS BRIEFS
Hawaiian Air ends bankruptcy

Advertiser Staff

Hawaiian Airlines officially emerged from bankruptcy yesterday after it finalized its financing agreements with the airline's lender and its largest shareholder.

The airline's parent, Hawaiian Holdings Inc., said that a unit of Ranch Capital LLC is acquiring $60 million in newly issued notes as part of an August 2004 financing deal. The notes, which carry a 5 percent interest rate, will be convertible into stock in a year at a price of $4.35 per share.

Hawaiian, which filed for Chapter 11 reorganization in March 2003, also has secured $50 million in financing from an affiliate of Wells Fargo Bank. Ranch Capital is the airline's controlling shareholder. Last year, the San-Diego-based company paid $41.4 million to acquire 10 million of the 28.4 million outstanding shares of Hawaiian Holdings Inc.

Hawaiian Air still tops on time

Hawaiian Airlines won top honors in the U.S. Department of Transportation's monthly on-time performance rankings for the 18th consecutive month.

Hawaiian, which emerged from bankruptcy protection yesterday, said its flights were on time in 95.6 percent of April arrivals, which compared to an industry average of 83.4 percent. The airline also had the fewest flights canceled and had the best baggage handling performance. Hawaiian had just five cancellations out of 3,889 flights, and fewer than three mishandled baggage reports for every 1,000 passengers.

New provider in senior living

Senior-living services provider Sunrise Senior Living of McLean, Va., has entered the Hawai'i market after acquiring Greystone Communities Inc., a Texas company managing the recently opened Kahala Nui senior-living community.

Sunrise completed its purchase of Greystone last month. Sunrise assumed the management contract for Kahala Nui, which is still owned by local nonprofit Kahala Senior Living Community Inc. Residents of the Wai'alae-Kahala project should not be affected.