The purchase and lease agreement is the second major investment by Hawaiian since it emerged from bankruptcy in June 2005. The airline announced earlier this year that it was buying four Boeing 767-300 aircraft for $31.8 million as part of a plan to expand it West Coast service.

In filings with the Securities and Exchange Commission today, Hawaiian Holdings Inc. said it has signed a letter of intent to purchase three Boeing 767-300ER jets that it currently leases from AWAS Aviation Services Inc. of Ireland.

The company also said it will amend the lease agreements for four other planes it leases from AWAS.

Under the terms of the existing agreement, AWAS had the option of terminating Hawaiian's leases next year. The amended lease agreement removes this provision, shortens the terms of the leases and adjusts the lease rates, the company said.

"We are extremely pleased to have reached this agreement with AWAS which provides both near-term certainty by removing the call options on our aircraft, and medium-term flexibility by shortening the lease terms on the remaining four aircraft," said Mark Dunkerley, Hawaiian Airlines' president and chief executive officer.

"We believe both developments are positive for Hawaiian, our employees, and our shareholders as we can now begin to focus on a comprehensive fleet plan for the future."