Reported by Star-Bulletin staff & wire
Friday, June 13, 1997
The S.S. Independence, American Hawaii Cruises' sole remaining vessel in its round-the-islands cruise business, will resume regular service tomorrow after $13 million worth of improvements. Independence returns
to isle cruise serviceThe work done at Cascade General Shipyard in Portland, Ore., included renovations and additions to the passenger areas, some safety and emergency upgrades, inspections and new bottom paint.
Jim Nobles, American Hawaii Cruises vice president, said the most visible change was the addition of 28 new cabins in underutilized space, adding 62 berths.
A date has been set for the sale of the Koolau Golf Course whose owners, Minami Group (USA) Inc., defaulted on its development loan. Bids due by Sept. 23
for Koolau Golf CourseSept. 23 is the deadline for sealed bids to be submitted to Kennedy-Wilson International, the Santa Monica, Calif., real estate firm retained by court-appointed foreclosure commissioner Joseph Toy to sell the 1,300-acre golf course in Windward Oahu.
In 1994, a Hawaii court ruled that Minami owed Japan's Long-Term Credit Bank $41 million in principal and interest and ordered the course sold.
Kennedy-Wilson said the value of the course, rated as the toughest in the nation by the U.S. Golf Association, and its clubhouse are estimated at $82 million.
NEW YORK -- Shares of Citicorp rose today as rumors circulated through the market that the New York banking giant is once again in talks to acquire American Express Co., traders said. American Express,
Citicorp rise on rumorsAmerican Express shares also enjoyed a healthy bounce.
Shares of Citicorp rose $1.62-1/2 to close at $120.62-1/2. American Express shares climbed $3.50 to close at $76.621/2. Both stocks had a higher-than-normal trading volume on the New York Stock Exchange. Both American Express and Citicorp spokesmen declined to comment on the rumors.
MONROE, La. -- Century Telephone Enterprises Inc. agreed to buy Pacific Telecom Inc. for $2.2 billion in cash and assumed debt, doubling Century's operations, Bloomberg News reported. Louisiana firm to buy
Pacific Telecom Inc.Portland, Ore.-based PacifiCorp, parent of Pacific Telecom, plans to use the money from the sale to help finance its acquisition of Energy Group Plc of London for $9.7 billion.
With Pacific Telecom, Century will become the 12th-largest U.S. local phone company with 1.2 million phone lines, primarily in rural areas. Tony Ferrugia, an analyst at A.G. Edwards & Sons Inc., however, said Monroe, La.-based Century paid a steep price of $3,400 a phone line for Pacific Telecom -- double the average rate.