HAL Inc. Wins Breathing Room: HAL Inc.,...

HAL Inc. Wins Breathing Room: HAL Inc., the ailing parent of Hawaiian Airlines said its lender agreed to swap $50 million in debt for preferred stock. HAL said the swap was part of an overall restructuring of a $125-million loan from Security Pacific Bank. The bank, which was due a $20-million payment Thursday, also agreed to significantly reduce its HAL stock warrants, shrinking its potential stake in HAL’s common shares to 8% from 42%. HAL took on the debt to finance a buyout of the airline by former Olympic organizer Peter V. Ueberroth and his associates. The loan has been in default on-and-off since June. HAL is based in Honolulu and flies mostly among the Hawaiian Islands. It also flies from Hawaii to the West Coast and to Japan.