March
2004 |
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Volume
02, Issue 10 |
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Around Boeing |
BOEING CAPITAL HELPS FILE PLAN FOR
'NEW HAWAIIAN AIRLINES' Under the plan, former Hawaiian Airlines CEO Bruce R. Nobles would return to the helm of the carrier, and CRG's group would invest $30 million of committed equity to recapitalize Hawaiian and fund its operations. Large unsecured claims from creditors would 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 would receive a cash distribution equal to 50 percent of their claims. Existing equity in Hawaiian Airlines Inc. would be cancelled.
The plan is subject to approval by the U.S. Bankruptcy Court and by the airline's creditors. "It is in the best interests of the airline's passengers, employees and creditors to see Hawaiian effectively and promptly reorganized," said Nobles, who led the carrier through Chapter 11 bankruptcy and initiated the airline's turnaround before leaving Hawaiian in 1997. "This airline has enormous potential for a secure, successful future." Boeing Capital is among Hawaiian Airlines' largest creditors. It has 11 Boeing 717s and three Boeing 767-300s under long-term leases to the airline. Hayhurst, 56, who estimates he has logged almost four million miles in the air since joining Boeing in 1969, told employees he is at a point in his life where he would like to travel a lot less, spend more time with his family, and pursue personal interests. "My experience at ATM has been one of the most exciting of my career," said Hayhurst, who has led the business unit since its November 2000 inception. "I thank the ATM team, as well as the countless others at Boeing I've worked with over the years. I believe that ATM will play an important role enhancing the capacity and safety of the world's airspace." Among the notable achievements in ATM's existence, Hayhurst cited the Working Together Team that brought together more than 100 aviation stakeholders worldwide to determine the requirements for a next-generation, global air traffic system. He also noted the successful flight tests conducted last year in partnership with the FAA to demonstrate Boeing's network-enabled concept, as well as last July's agreement with Europe's Air Traffic Alliance (EADS, Airbus and Thales) to cooperate on global air traffic issues. The most recent Delta II successes are NASA's Spirit and Opportunity rovers on Mars that Delta II rockets launched into space last year. An extensive legacy of successful launches makes the Delta II the industry's preferred launch vehicle in its class. The 301st customer payload, a GPS satellite, was launched on Dec. 21, 2003. The Delta II serves the launch needs of NASA, the U.S. Air Force, U.S. government agencies and commercial customers. It can deploy spacecraft to low Earth orbit, geosynchronous transfer orbit, or deep space. Maj. Gen. Mohamed Nasr, EAF chief of U.S. weapon procurement, and Col. Tim Crosby, U.S. Army Cargo Helicopter program manager, recognized the employees who build and maintain the world's Chinook fleets. "Stand proud that you are supporting our soldiers with these helicopters," Crosby said. "You may not receive the letters of appreciation from the field, but I do. Believe me, our soldiers are proud of the equipment you've provided them." The EAF has flown Chinooks since 1980 and currently operates a fleet of 19 aircraft, including three CH-47Cs, which may be modernized at a later date. Egypt operates the largest air force in the Arab world.
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