October 25, 2014
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.)
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.