Honululu-based Island Air is several months behind on lease payments for all three of its de Havilland Dash 8-100 aircraft and four spare engines, according to the lessor, Willis Lease Finance. In a Securities and Exchange Commission filing on its second quarter earnings, Willis notes that in January 2011 it converted its operating leases with Island Air to finance leases, with a principal amount of $7 million. “They made their payments through April 2012 and are past due for the ...

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