HONOLULU -- The company that operates interisland shipper Young Brothers announced on Thursday that it has reached an agreement to buy Aloha Airlines' cargo division.

Washington state-based Saltchuk Resources said it received approval from Aloha's main lender, GMAC Commercial Finance, to buy the operations.

Sources said the purchase price is for more than $10 million.

By taking over Aloha Cargo and owning Young Brothers Ltd., Saltchuk could control a majority of Hawaii's interisland shipping.

Saltchuk also owns Hawaii Fuel Network and Maui Petroleum. It also owns transportation, shipping companies and utilities.

The deal must be approved by the newly-appointed bankruptcy trustee and the court. The parties head to court on Thursday morning to present the agreement.

Two companies that were interested in buying Aloha Cargo and then dropped out of the bidding Monday held negotiations on Tuesday night and Wednesday with Aloha. They were interested once again in buying the cargo operation now that its 300 to 400 employees no longer have union contracts since the company shut down.

Aloha's cargo office was closed and locked at mid-afternoon, even as lawyers and company executives were negotiating a deal to restart cargo operations.

The two negotiating companies pulled out Monday when Aloha's lenders increased the price and insisted on cash.

On Tuesday, cargo employees went to work without pay to help customers reclaim their undelivered cargo.

State airport officials have been contacted about how quickly they can reissue airport security passes to the 300 to 400 cargo employees who were terminated Monday with the shutdown, sources said.

All of Aloha's collective bargaining agreements with mechanics, pilots and ground personnel ended when the company closed. That means Aloha Cargo could be much cheaper to operate with lower pay and benefits for nonunion employees.

Top Aloha Cargo pilots made in the neighborhood of $120,000 a year while top-paid pilots at Saltchuk's air cargo operation in Alaska make less than half that at about $55,000 a year.