Boeing Capital to take over Hawaiian?

http://www.hawaiianair.com/about/corporate/NewsRelease/Section_346.asp
http://www.boeing.com/news/releases/2004/q1/nr_040211a.html

http://www.boeing.com/news/releases/2004/q1/nr_040211a.html
Boeing Capital Corporation and Corporate Recovery Group, LLC (CRG) today announced the filing of a joint reorganization plan that will recapitalize Hawaiian Airlines and return former CEO Bruce R. Nobles to the helm of the restructured company. The plan, filed Tuesday in U.S. Bankruptcy Court, is subject to approval by the court and by the airline’s creditors.

[…]

Under the plan, CRG’s group will invest $30 million of committed equity to recapitalize Hawaiian and fund its operations. Large unsecured claims from creditors will be settled in the form of subordinated notes and warrants to acquire common stock in the new company, plus distributions from a litigation trust. Small unsecured claims will receive a cash distribution equal to 50 percent of their claims. Existing equity in Hawaiian Airlines Inc. will be cancelled.

[…]

“In addition, this plan contains mutually agreeable revisions to the Boeing aircraft leases, which will result in substantial cost savings to the airline and the continued availability of the new Boeing fleet,” Nobles said.

Boeing Capital is among Hawaiian Airlines’ largest creditors. It has eleven Boeing 717s and three Boeing 767-300s under long-term leases to the airline.

[…]

http://www.hawaiianair.com/about/corporate/NewsRelease/Section_346.asp
[…]

Having just received the proposal, our first task is to review and understand what it offers, and then to discuss it with our creditors. Some items that are important to Hawaiian’s future are not spelled out in the document. Others are conditioned on CRG’s learning more about Hawaiian, and we will arrange to provide additional information.

[…]

That sure is an interesting development in the ongoing difficulties with Hawaiian. I wonder if any other airlines could be a candidate for support by Boeing Capital Services.