HONOLULU -- A bankruptcy judge on Monday said he would not stand in the way of Aloha Airlines' plan to stop passenger service.

As long as Aloha has made a "good faith" effort to continue operations by getting new investors or selling to another airline, he said he would not stop the shutdown.

Aloha said it lost $125 million since emerging from bankruptcy two years ago and has only about $1.5 million in cash remaining. That is enough money to operate for only one more day, according to officials.

Aloha's President and Chief Executive Officer David Banmiller said he talked to CEOs of five other airlines in the last week, trying to sell Aloha. He also said he spoke to potential investors as well, with no takers.

"Keep in mind that I've been doing this for a year, but the mood and sentiment for airlines is at an all-time low, and ours is most difficult because of the combination of fuel and Mesa (Air Group) and erratic pricing. It's a tough world to sell an airline today," Banmiller said. "Any misconception that we weren't out there turning over every rock, talking to state and federal officials and investors and airlines is simply an error."

Aloha's unions had argued that shutting the airline down even temporarily will make it even more difficult to restart operations if a buyer is found.

Aloha said it hopes to have a "spirited auction" for its cargo operation, with about 400 employees, in the middle of next month.

Aloha also plans to sell off its contract services division, which provides ground handling and ticket services for other airlines. That division employs about 1,200 people.