Hawaiian Air has struggled in recent years, as evidenced by the $900 million in debt being absorbed
under the $1.9 billion purchase, as well as its $4.86 share price on Friday that surged to $14.22 Monday after the buyout announcement. Its travelers have seen a series of reservations and customer service problems; and aviation experts had
anticipated a takeover due to headwinds related to more interisland competition (read Southwest), engine-equipment issues, and an anemic return of Japanese visitors post-COVID, compounded by Augusts wildfire that leveled Lahaina.
And theres lingering uncertainty about the Asia bounce-back, which affects not only airlines, but the whole of Hawaiis tourism industry.
Keeping the Hawaiian Airlines brand strong will be in both carriers best interests and that will mean nurturing the goodwill that the homegrown
airlines has enjoyed here for nearly a century. Residents here love the intangibles hospitality, respect, loyalty, shared values and already, much is being made about the similarities in corporate culture of Alaska Air in the 49th
State and Hawaiian Air in this 50th State.
We are aligned in the way we do business, the way in which we treat our employees, our engagement and
support to the communities we serve, Minicucci said.
Keeping local customers loyal and satisfied, while taking care of the thousands-strong
workforce here, must remain core top priorities. In this high-stakes gambit, like it or not, Hawaiis economy is along for the ride.
***
This editorial was published in the
Honolulu Star-Advertiser on December 6, 2023. Neither Hawaiian Holdings nor Alaska has sought or obtained permission from the publisher, Oahu Publications Inc., or the author to reprint and distribute this editorial.
Additional Information and Where to Find It
Hawaiian Holdings, its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with the
Transaction. Hawaiian Holdings plans to file a proxy statement (the Transaction Proxy Statement) with the SEC in connection with the solicitation of proxies to approve the Transaction.
Daniel W. Akins, Wendy A. Beck, Earl E. Fry, Lawrence S. Hershfield, C. Jayne Hrdlicka, Peter R. Ingram, Michael E. McNamara, Crystal K. Rose, Mark D.
Schneider, Craig E. Vosburg, Duane E. Woerth and Richard N. Zwern, all of whom are members of Hawaiian Holdings board of directors, and Shannon L. Okinaka, Hawaiian Holdings chief financial officer, are participants in Hawaiian
Holdings solicitation. None of such participants owns in excess of one percent of Hawaiian Holdings common stock. Additional information regarding such participants, including their direct or indirect interests, by security holdings or
otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Please refer to the information relating to the foregoing (other than for Messrs. Akins and
Woerth) under the caption Security Ownership of Certain Beneficial Owners and Management in Hawaiian Holdings definitive proxy statement for its 2023 annual meeting of stockholders (the 2023 Proxy Statement), which was
filed with the SEC on April 5, 2023 and is available at
https://www.sec.gov/ix?doc=/Archives/edgar/data/1172222/000117222223000022/ha-20230405.htm#i2d8a68908cc64c37bbeca80e509abb72_31.
Since the filing of the 2023 Proxy Statement, (a) each director (other than Mr. Ingram) received a grant of 13,990 restricted stock units that will vest upon the earlier of (i) the day prior to Hawaiian Holdings 2024 annual
meeting of stockholders or (ii) a change in control of Hawaiian Holdings; (b) Mr. Ingram received a grant of 163,755 restricted stock units; and (c) Ms. Okinaka received a grant of 57,314 restricted stock units. In the