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Mokulele makes loan payment, staves off creditor
By Associated Press
POSTED: 11:43 a.m. HST, Feb 18, 2009
Mokulele Airlines says it has made a $300,000 loan payment, staving off seizure of its assets and operations by business partner Republic Airways Holdings Inc.
Mokulele had defaulted on an $8 million loan, and the Indianapolis-based Republic said it would come in and operate the airline if the Hawaii carrier failed to make the payment by the close of business today.
Mokulele CEO Bill Boyer says he made the payment in the morning and was working to clear up the financial situation with new capital and investors.
Boyer says some employees voluntarily offered to defer their Friday paychecks a few days to aid the company.
Republic had said Mokulele’s flights would operate as scheduled regardless of the outcome.
Mokulele Airlines says it has made a $300,000 loan payment, staving off seizure of its assets and operations by business partner Republic Airways Holdings Inc.
Mokulele had defaulted on an $8 million loan, and the Indianapolis-based Republic said it would come in and operate the airline if the Hawaii carrier failed to make the payment by the close of business today.
Mokulele CEO Bill Boyer says he made the payment in the morning and was working to clear up the financial situation with new capital and investors.
Boyer says some employees voluntarily offered to defer their Friday paychecks a few days to aid the company.
Republic had said Mokulele’s flights would operate as scheduled regardless of the outcome.
Today’s Edition
- Nonprofits feel pain of poor economy
- Symphony cancels concerts and will downsize
- New life for paraplegic lawyer
- Furlough rally held at Capitol
- Educators accused of unethical conduct
- Senate to grill DOE on stimulus
- Communication gaffe raises fuss in HPD chief selection
- Ala Wai traffic lanes reopened
- Newswatch
- Police / Fire
- The Search for Signs of Hawaiian Life
- Iraqis who return home face unemployment and poor services
- Prospect of more U.S. troops worries a wary Afghan public
- Kokua Line: State can enter property to act on hazards
- Surf sample sale in Kahala
- Got nutrients?
- Religion briefs
- Wood Craft: Sacred Hearts volleyball team is perfect
- Kahuku rallies for the Red
- Moanalua's time comes
- Farrington has Castle's number
- Desperate times at Aloha Stadium
- Further Review: UH's 2-6 mark makes a win tonight a must
- Wahine run over Fresno State
- Hawaii Beat
- Scoreboard
- Television & Radio
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