HONOLULU -- The FBI arrested a key investor in one of two plans being offered to get the airline out of bankruptcy.

FBI agents arrested St. Louis businessman Paul Boghosian on charges of bribery and bankruptcy fraud. The complaint filed in New York Wednesday comes on the eve of a Honolulu court hearing from which the airline is expected to emerge from bankruptcy.

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Officials say Boghosian allegedly agreed to pay a $500,000 bribe to the agent in exchange for a $2.5 million loan.

It's been nearly two years since Hawaiian Air filed for bankruptcy protection.

The court is examining two financing plans.

The arrest confirms what the bankruptcy trustee Joshua Gotbaum said were his suspicions.

"We had thought for a long time that the claims that there was money available from this group weren't true," Gotbaum said.

HAL flight attendants and pilots have negotiated contracts, but the rank and file has not yet ratified the deals.

Hawaiian's Gotbaum, Ranch Capital and a committee of unsecured creditors have submitted their own joint reorganization plan.

"We think we have the best possible plan for Hawaiian Airlines and we hope tomorrow the judge agrees," Gotbaum said. "It's a plan which provides real value for the shareholders complete repayment for the creditors and a contracts for the employees, which are as good or better than anybody's."

The three attorneys who represent Hawaiian holdings filed motions Wednesday with the court to withdraw from the case. It's unclear what the court will do.