A new bidder has emerged for Aloha Airlines' cargo division.

A company known by the name of Jupiter has offered to acquire the 300-employee division from Aloha, the carrier disclosed today during a bankruptcy court hearing. Aloha, which is in bankruptcy, which shut down its passenger operations March 31. It continues to operate its profitable cargo division.

On Wednesday, Saltchuk Resources Inc., the Seattle-based owner of Young Brothers/Hawaiian Tug & Barge, said it was dropping out of the bidding after the airline unexpectedly raised the price to $20 million.

Saltchuk previously submitted a letter of intent to purchase the 300-employee cargo unit for $13 million.