Island Air Getting Serious About Restructuring

February 5, 2013, 9:06 AM HST · Updated February 5, 9:45 AM
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Courtesy photo.

Courtesy photo.

By Sonia Isotov

With two new key appointments, Hawaiian Island Air, Inc., the interisland regional carrier doing business as “Island Air,” is getting serious about corporate restructuring.

Island Air today announced the appointment of attorney and corporate restructuring expert, Peter Kravitz, to its board of directors, and the company has also retained a legal firm, Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates, to assist in the restructuring effort.

Charles F. Willis IV, chairman of the board commented, “Peter brings a wealth of experience to our board. As an attorney and expert on restructuring, Peter will provide critical guidance as we reshape this company and prepare it for sale.”

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Kravitz has a successful and extensive record of restructuring companies. The primary focus of his practice is administering liquidating and litigation trusts as a trustee/plan administrator, serving as a chief restructuring officer, board member and disbursing agent.

In addition to the Island Air board announcement, Gavarnie Holding, LLC, the parent company of Hawaii Island Air, Inc., also announced that Island Air has retained the legal firm of Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates, and specifically Van C. Durrer II.

Durrer leads Skadden’s corporate restructuring practice in the western United States and advises clients in restructuring matters around the Pacific Rim. He regularly represents public and private companies, major secured creditors, official and unofficial committees of unsecured creditors, investors, and restructuring transactions, including out-of-court workouts and formal insolvency proceedings.

“Skadden is recognized as one of the best at what they do and with Van providing guidance, we are positioning Gavarnie and Island Air with a great shot at becoming a profitable, independent airline serving the state of Hawaii. Skadden’s expertise is complementary to our existing Hawaii-based legal counsel, who have consistently provided solid legal counsel,” said Michael Rodyniuk, executive vice chairman of Gavarnie Holding, LLC.

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