Hawaiian Airlines' parent company agreed to purchase Island Air's operating certificate and other assets in a move that could save the failed company from liquidation, the Associated Press reported. The trustee overseeing Island Air's bankruptcy case filed a last-minute motion disclosing Hawaiian Holdings Inc.'s purchase. If the sale is approved, then the trustee's attorney Simon Klevansky said he would convert the case to a chapter 11 reorganization bankruptcy. Hawaiian Holdings Inc. said it would buy the operating certificate for $450,000 and immediately provide cash advances to pay for chapter 7 administrative expenses. Hawaiian Holdings said it would buy other assets, such as ground-service equipment, furniture and frequent-flier lists, for $300,000.
