HONOLULU (AP) - Aloha Airlines says it did everything it could to keep its passenger business afloat but its cash on hand dwindled to just $1.7 million and no investor was willing to pump more funds into the company.
Aloha officials say it took $1.5 million daily to run the airline.
Aloha President David Banmiller says he aggressively searched for a buyer for the 61-year-old airline.
Banmiller told a bankruptcy court hearing yesterday he probably talked to every airline CEO foreign and domestic and every single one took a pass.
He says each asked what Aloha planned to do about the two main factors squeezing its bottom line: rising fuel prices and competition from go! airlines.
Since 2006, when go! entered the Hawaii market, Aloha has reported losses of $125 million.
(Copyright 2008 by The Associated Press. All Rights Reserved.)