Hawaii Island Air said
Thursday that it has an agreement to sell the interisland airline Island
Air to an undisclosed buyer within the next few months.
“This is a great
opportunity for the future of the company”, Les Murashige, president of
Hawaii Island Air Inc., which does business as Island Air, said in a
statement. “The company has gone through a number of challenges recently
and a new owner will bring a fresh perspective to the company.”
There are a number of
hurdles the airline must clear before a sale can close, said Murashige,
who said he was optimistic the sale could close within six to eight
weeks.
“There has been a lot of
hard work and due diligence done over the holidays,” he said. “We are
prepared to move forward and have been meeting with the relevant groups
who have a role in making this happen.”
Island Air, which is
owned by Gavarnie Holding LLC, said in August that it had completed a
first step of corporate refinancing with Kahala Aviation of Dublin,
Ireland. The airline had announced plans in July to double the number of
aircraft it uses on its interisland routes while replacing its aging
turboprop fleet.
Hawaiian Holdings Inc.
parent company of Hawaiian Airlines, said last year that it had
purchased turboprop aircraft for a new interisland airline that would
offer service to Lanai and Molokai, two of Island Air’s markets.
(Report Provided by Pacific Business News)
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