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Sat, May 21, 2005

Hawaiian Air Out From Under Bankruptcy Protection

Judge Says Yes

Hawaiian Airlines, in its second bankruptcy since March, 2003, said it has won court approval to exit Chapter 11 June 1st.

In the process, the airline said it has reached a new agreement with its employees and its creditors will 100-percent of the money they were owed.

That's probably the reason the creditors' committee backed the plan over a competiting submission from an investor later arrested.

Paul Boghosian was charged with lying to the bankruptcy judge about his ability to pull off the plan and of trying to bribe a federal agent to obtain a loan for the plan.

FMI: www.hawaiianair.com

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