Phoenix-based Mesa Air Group reached a settlement with the former controlling shareholder of Aloha Airlines that Mesa hopes will allow it to rename its Go! subsidiary Aloha. Under the deal, Mesa has agreed to pay private-equity firm Yucaipa $2 million in cash, issue shares of Mesa common stock equal to 10 percent of its currently outstanding shares and provide former Aloha Airlines employees certain inter-island travel benefits. However, a federal bankruptcy court judge halted the transfer of the Aloha name pending a hearing set for February 19 after attorneys for the State of Hawaii argued that Yucaipa might not enjoy adequate ownership standing to sell it.
Mesa Reaches Aloha Settlement
- December 31, 2008, 5:21 AM