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HONOLULU, July 3, 2003 -- Hawaiian Airlines announced today that Joshua Gotbaum has been selected as Chapter 11 Trustee to oversee the company.
An investment banker who was previously CEO of the September 11th Fund and Controller at the U.S. Office of Management & Budget, Gotbaum was named to the position by the U.S. Trustee's Office and appointed by the Bankruptcy Court this afternoon. He replaces John Monahan who resigned as Trustee on June 24 for personal reasons. He will begin work on Monday, July 7.
“I'm excited by this opportunity. Hawaiian Airlines has long been recognized for the quality of service it provides to the people of Hawaii,” said Gotbaum. “I'm looking forward to working with management, employees, the creditors and all those who share an interest in the airline's success. I'm confident we can resolve the issues that led to Hawaiian's bankruptcy and successfully return the company to its rightful place of stature in Hawaii and the airline industry.”
Currently a Washington, DC resident, Gotbaum has visited the islands repeatedly since childhood and previously had family ties on Kauai and Maui.
Most recently, Gotbaum, 51, was the first CEO of the September 11th Fund, which was established the day of the terrorist attacks to meet the immediate and long-term needs of victims, families, and communities. The charitable fund was responsible for developing grant programs providing financial assistance, mental health therapy, job training and help for small businesses. During Gotbaum's tenure, the September 11th Fund provided in excess of $360 million in grants benefiting more than 100,000 people.
He previously served as Controller in the U.S. Office of Management and Budget overseeing the financial management of Federal agencies, and before that as Assistant Secretary of Defense and Treasury.
Gotbaum worked as an investment banker for 13 years with Lazard Freres & Co., based in New York and London. His work included advice in restructuring situations to several airlines: Eastern Air Lines, Braniff, Pan American, British Airways, and Air France.
Gotbaum is a 1973 graduate of Stanford University, after which he earned a J.D. from Harvard Law School with a Masters in Public Policy from Harvard's John F. Kennedy School of Government.
Hawaiian Airlines, Inc., is a subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA). Hawaiian filed its voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code on March 21, 2003. On May 16, Judge Robert Faris granted the motion of Boeing Capital Corporation seeking to appoint a trustee to oversee the company's Chapter 11 case.
Founded in Honolulu 73 years ago, Hawaiian Airlines is Hawaii's longest-serving and largest airline. The nation's 12th largest airline, it is also the second-largest provider of passenger service between the West Coast and Hawaii.
Hawaiian Airlines currently provides up to 30 nonstop daily flights between nine cities on the U.S. mainland and Hawaii, along with more than 100 daily jet flights among the Hawaiian Islands. It also operates weekly service between Honolulu and American Samoa and Tahiti as well as charter service between Honolulu and Anchorage, Alaska.
The company takes pride in its innovative service programs that deliver on the promise, “Hawaii Starts Here.” Hawaiian has earned numerous other honors for service in recent years, including the 2001 Zagat Survey's award for Best Overall U.S. Airline in the Premier category, and the 2001 Diamond Award for In-Flight Service from Onboard Services magazine. Most recently, Hawaiian was named the fifth best U.S. airline for service by Travel & Leisure.
Additional information on Hawaiian Airlines, including previously issued company news releases, is available on the airline's Web site at www.HawaiianAir.com.
Questions concerning the appointment process should be directed to the Office of the U.S. Trustee at (808) 522-8150.
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