Aloha saying 'goodbye' to bankruptcy, ATA to follow

Honolulu-based Aloha Airlines expects to emerge from bankruptcy protection later this month according to a

report

by The Associated Press. The airline received court approval of its amended reorganization plan on February 2. David Banmiller, Aloha's president and CEO, says, "We've cleared all the hurdles and we are hopeful we will have our new funding in mid-February."

Meanwhile, low-cost carrier ATA—benefiting

greatly

from its codeshare arrangement with Southwest—is set to

shed its bankruptcy shackles

on February 28. The move will end 14 months of strife for the troubled airline.

Both announcements come on the heels of United's recent exit from bankruptcy protection. The news isn't all sunshine and roses for the industry, though. Both Delta and Northwest are still under bankruptcy protection, with no immediate end in sight for either.