Aloha Airgroup, Inc. and Aloha Airlines, Inc. today announced that they have reached an agreement in principle with MatlinPatterson Global Opportunities Partners II, L.P., a leading private equity investor, to provide up to $90 million in funding to the company.

The deal is subject to U.S. Bankruptcy Court approval and other conditions. Aloha filed a motion with the Court today requesting an expedited hearing.

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Aloha Airgroup, Inc.

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Aloha Airgroup, Inc, a Hawaii corporation, is the parent of Aloha Airlines. Aloha Airlines operates commercial air transportation services and is based in the State of Hawaii. Founded in 1946, Aloha serves the State of Hawaii with frequent, reliable inter-island passenger and cargo service and provides superior inflight service on daily non-stops between Hawaii and California and Nevada.