Saltchuk Offers to Buy Aloha Unit

air aloha

Saltchuk Offers to Buy Aloha Unit
A Seattle-based company offered to buy the cargo business of bankrupt Aloha Airlines, which carries mail for the U.S. Postal Service and other cargo for FedEx and UPS.
Aloha Airlines filed for bankruptcy protection last week, for the second time in a little more than three years. The passenger and cargo carrier plans an auction of all or part of its assets. On Thursday, Saltchuk Resources, whose holdings include Young Brothers/ Hawaiian Tug & Barge, offered to buy the firm’s cargo business for $13 million.
“We believe our knowledge of Hawaii, coupled with our extensive air cargo operations experience, positions us well to help take Aloha to the next level,” Tim Engle, president of Saltchuk, said in a statement.
“We want to employ as many of the current employees as possible, and to ensure the continuity of excellent service that Aloha Air Cargo’s customers have enjoyed for over 20 years,” Engle said. Approximately 300 of the company’s 3,550 employees work in the cargo segment.
Saltchuk owns other ocean and air cargo, petroleum distribution and real estate investing businesses, including Northern Air Cargo, which is Alaska’s largest all-cargo airline.
Aloha’s cargo unit is its most profitable segment with annual earnings before taxes of $6 million, the company said in Chapter 11 bankruptcy proceedings. The offer by Saltchuk is subject to the approval of the U.S. Bankruptcy Court.
Aloha lost $81 million last year, primarily because of spiking fuel costs and participation in a fare war with a low-cost inter-island rival.
Aloha has a fleet of 27 airplanes, including five Boeing 737-200 aircrafts used for cargo as well as a dual-purpose Boeing 737-QC aircraft that converts for cargo use at night.
Aloha, handles 85 percent of Hawaii’s non-mail inter-island cargo and has a contract with the U.S. Postal service to carry mail.

aircargoworld.com


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15 Responses to “Saltchuk Offers to Buy Aloha Unit”

  1. Terrance says on March 31st, 2008 at 5:02 pm :

    You’ll also want to overlay that map with this one from the CDC regarding P&S and Syphilis:http://www.cdc.gov/std/stats/images/trends2004-map.gifAnd I haven’t found one for herpes yet, but here’s the info from the CDC:http://www.niwhrc.org/HIV%20-%20STDs.htm

  2. Bernardine says on March 31st, 2008 at 5:52 pm :

    Agreed but unfortunately it’s amazing what people don’t know about our own political system and history.

  3. Savannah says on March 31st, 2008 at 6:43 pm :

    Mission accomplished, right?

  4. Charity says on March 31st, 2008 at 7:33 pm :

    Actually, this test seems reasonable. You should be embarrased if you are American and fail this test.

  5. Dashiell says on March 31st, 2008 at 8:24 pm :

    Good luck with that. As much as I like the man, it’s impossible to stop the corruption, unless you start executing the politicians who steal millions.

  6. Meriel says on March 31st, 2008 at 9:14 pm :

    I was going to comment on giving all our money to chinese injection mold factories but I guess you can’t really blow too much money at the dollar store, huh?

  7. Lenore says on March 31st, 2008 at 10:05 pm :

    Nice ‘democracy’ you guys have there. Great system. You should think about franchising it out to other countries, whether they want it or not.

  8. Ebony says on March 31st, 2008 at 10:56 pm :

    PDF? Thanks but no thanks.

  9. Cal says on March 31st, 2008 at 11:46 pm :

    SPAM

  10. Gia says on April 1st, 2008 at 12:37 am :

    Hells yeah. This is the perfect time to start a property management business. Not only are there lots of good properties available on the cheap, but lots of people wanting to rent. You don’t have to be a millionaire- I’m a grad student and I’m fixing up a house to rent out.I realize I sound like a vulture, but really I’m very nice in person. :)

  11. Krystine says on April 1st, 2008 at 1:27 am :

    Obama Openly Opines, Observes Overreaching Oligarchy Ostensibly Obliterating Openness.

  12. Deloris says on April 1st, 2008 at 2:18 am :

    readdit7 ‘08

  13. Morgen says on April 1st, 2008 at 3:08 am :

    This is why I want Obama to win in November. Of all three candidates, he’s the most likely to reverse this trend.

  14. Damon says on April 1st, 2008 at 3:59 am :

    Yey for page load error’s.