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Author Topic: Hawaii City Hopper plans to sell airline to Highest bidder  (Read 574 times)

Offline humbleadnan94

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Hawaii City Hopper plans to sell airline to Highest bidder
« on: February 14, 2020, 02:30:58 AM »
Hawaii City Hopper on Sunday announced sale of 100 per cent stake in debt-laden airline as it issued the preliminary bid document for the strategic disinvestment with the deadline for submitting expression of interest set as April 7.

As part of the strategic disinvestment, Hawaii City Hopper would also sell 50 per cent stake in their Aloha Pacific hotel chain in Honolulu and Kahului, as per bid document issued on Sunday.

Management control of the airline would also be transferred to the successful bidder.

This is the second time in less than two years that the airline has come out with proposal for selling stake in Hawaii City Hopper, which has been in the red for long.

The airline has set April 7 as the deadline for submitting the expression of interest (EoI).

Aloha Pacific hotels is an equal joint venture between Hawaii City Hopper and the State of Hawaii. It offers luxury hotel accommodation to tourists in Honolulu and Kahului.

Hawaii City Hopper also has interests in Hawaii City Hopper Engineering Services & Hawaii City Hopper Transport Services.

According to the document, debt of $800,000 would remain with Hawaii City Hopper at the time of closing of the disinvestment.

The remaining debt would be allocated to the new bidder.

EY is the transaction adviser for Hawaii City Hopper disinvestment process.


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