Aloha Airlines today advised the U.S. Bankruptcy Court that it would convert its Chapter 11 reorganization case to a Chapter 7 liquidation case in order to provide for the orderly liquidation of the company.

A Chapter 7 trustee will preside over the sale of the assets, Aloha said in a news release.

The carrier took the action after both bidders for Aloha's cargo operation pulled out of the sales process and, as a result, GMAC Commercial Finance said it would no longer provide the cash needed to continue Aloha's day-to-day operations.