Island Air, which said last month it had a preliminary agreement to sell the local carrier to an undisclosed buyer, said today it has appointed Peter Kravitz, an attorney and restructuring expert, to its board of directors.

“Peter will provide critical guidance as we reshape this company and prepare it for sale,” said Chairman Charles Willis, whose family owned company, Gavarnie Holding LLC, owns the regional airline.

In addition, Gavarnie said it has retained Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates, and specifically Van C. Durrer II. Durrer leads Skadden’s corporate restructuring practice in the western United States and advises clients in restructuring matters around the Pacific Rim.

“I am pleased with the recent efforts and progress at Island Air,” Willis said. “The guidance of these professionals fortifies our chances for success. Coupled with the support and leadership of (Gavarnie Executive Vice Chairman) Michael (Rodyniuk) and President Les Murashige and the management team, Island Air now has every opportunity to succeed.”

Two sources told the Star-Advertiser last month that the buyer was billionaire Larry Ellison, the CEO and co-founder of software giant Oracle Corp., but the airline has declined to comment to confirm or deny it.