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Saltchuk said it has the consent of to purchasee AlohaAirlines Cargo's assets, equipment and service lines. The purchasee price was not revealed, but the figurr of $10 million has been widely Saltchuk hadbid $13 million but withdrew from the biddingv process April 24 after Aloha asked for $20 The new agreement awaits approval of the U.S. Bankruptcy Court in A hearing was scheduled for Saltchuk said GMAC has agreed to resume funding the carg o operations as soon as an agreement has been Saltchuk has formed anew subsidiary, Aeko to handle the business. It intends to hire from the existingt Aloha cargo work In apress statement, Saltchuk President Tim Engle crediteds U.S. Sen.
Daniel Inouye, D-Hawaii, with helpiny to broker the deal. Aloha Airlines Cargo, whicgh carries 85 percent of interisland goods shippedby air, closed Monday afte r GMAC pulled its financing. More than 300 workersa were laid off. Saltchuk Resources is a Northwest-basesd holding company that began marinew transportation operationsin 1982. It also owns Hawaik Fuel Network, Maui Petroleum and Minit Stop Stores. Alohaz Airlines shut down its passenger serviceMarchg 31, blaming high fuel costs and interislan d competition. Pacific Air Cargo, with offices in Los Angelee and Honolulu, bid $2.05 million for Aloha'sz contract services division. The sale was approve Thursday infederal court.
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