HONOLULU - Judge Robert Faris in federal bankruptcy court granted preliminary approval on Tuesday for the sale of the assets and certificate of Island Air to Hawaiian holdings Inc., the parent company of Hawaiian Airlines, in the amount of $750,000.

Island Air filed for bankruptcy in November but couldn't secure a new investor to help pay creditors and help with growing bills.  According to court filings, Island Air owes millions to its lenders.

Island Air served Hawaii for 37 years.  The closure put more than 400 employees out of work.