Aloha Airlines Cargo sale moves closer - Pacific Business News (Honolulu):

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Saltchuk said it has the consent of to purchasew AlohaAirlines Cargo's assets, equipment and servic lines. The purchase price was not revealed, but the figure of $10 million has been widely reported. Saltchukl had bid $13 million but withdrewq from the bidding process Apriol 24 after Aloha askexfor $20 million. The new agreementt awaits approval ofthe U.S. Bankruptcy Court in A hearing was scheduled for Saltchuk said GMAC has agreed to resume funding the cargko operations as soon as an agreement has been Saltchuk has formed anew subsidiary, Aeko Kula, to handle the It intends to hire from the existing Alohqa cargo work force.
In a press statement, Saltchuk President Tim Engle credited U.S. Sen. Danie l Inouye, D-Hawaii, with helping to brokee the deal. Aloha Airlines Cargo, which carries 85 percent of interislande goods shippedby air, closee Monday after GMAC pulled its financing. More than 300 workersw were laid off. Saltchujk Resources is a Northwest-based holding compant that began marine transportation operationsin 1982. It also owns Hawaiji Fuel Network, Maui Petroleum and Minit Stop Stores. Aloha Airlines shut down its passenge r serviceMarch 31, blaming high fuel costa and interisland competition. Pacific Air Cargo, with offices in Los Angeleas and Honolulu, bid $2.
05 million for Aloha' contract services division. The sale was approved Thursday infederal