Gavarnie To Sell Hawaii’s Island Air

Hawaii’s Island Air announced last month that it has entered into an agreement it believes will lead to sale of the company to an undisclosed buyer.

“This is a great opportunity for the future of the company,” said Les Murashige, Island Air’s president. “The company has gone through a number of challenges recently and a new owner will bring a fresh perspective to the company.”

Those challenges include delays in pressing into service a fleet of newly acquired ATR 72-200s and direct competitive threats posed by a new rival ATR operation planned by Hawaiian Airlines.

Murashige added that Island Air’s owner, Honolulu-based Gavarnie Holding, must clear a number of unidentified hurdles before closing the transaction. He expressed optimism that new ownership would take control by late this month or early March, however. “There has been a lot of hard work and due diligence done over the holidays,” he said. “We are prepared to move forward and have been meeting with the relevant groups who have a role in making this happen.”