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Announces successful completion of first step in corporate re-capitalization
Island Air now has a bit more of the green
Aug 29, 2012
HONOLULU, Hawaii - Doing business as Island Air, Hawaii Island Air, Inc. announced today that Kahala Aviation, based in Dublin, Ireland, has concluded the first step in providing corporate refinancing. While transaction details have been kept under wraps, Charles Willis, IV, Chairman of Gavarnie Holding, LLC, the parent company of Island Air said:
"The transaction with Kahala Aviation marks the beginning of new capital coming into the company. Later this fall, we will bring more capital into the company facilitating the re-fleeting of the airline, all part of the NBP [new business plan]."
Lesley Kaneshiro, CEO of Island Air, is delighted with the addition of capital into the company. "This gives us the necessary capital to continue our plans. It is even more significant, because we've raised these additional funds with a partner that has local ties to Hawaii," Kaneshiro said.
Kahala Aviation Managing Director, Brad Smith, stated: "We've leased aircraft to airlines running from Delta Air Lines to United, down to operators in Belarus and Kenya, however, this is the first transaction here in our own back yard of Hawaii. Island Air is a fine company, and we are pleased to support the local community."
Island Air is wholly owned by Gavarnie Holding, LLC, and is Hawaii's leading low-cost, inter-island carrier and employs 235 dedicated employees. Founded in 1980 to provide scheduled service between Princeville and Honolulu, Island Air now offers 352 weekly flights between the islands of O'ahu (Honolulu International Airport), Maui (Kahului Airport and West Maui's Kapalua Airport), Moloka'i (Ho'olehua Airport), Lana'i (Lana'i City Airport), Kaua'i (Lihue Airport), and the Island of Hawai'i (Kona International Airport). For reservations, flight information, and free membership in Island Air's Cloud 9 Customer Rewards Program, visit www.IslandAir.com .