Honolulu Star-Bulletin Business /2005/03/04/

[ FAST FACTS HAWAII ]

Aloha Air investor delays timetable

MatlinPatterson Global Partners II LP, the New York-based private equity investor that is proposing to take Aloha Airlines out of bankruptcy, is backing off some elements of its aggressive timetable, according to an Aloha attorney and court filings.

The company is still conducting due diligence and wants to wait until March 21 before finalizing a $65 million term loan that is part of a $90 million package for Aloha. MatlinPatterson also wants to delay a bidding process that will allow other parties to propose a reorganization plan for the carrier.

Paul Singerman, Aloha's special transaction counsel, said MatlinPatterson wants the delay because the company's mechanics have rejected a tentative labor agreement for the second time.

Hawaii bankruptcies continue decline

Hawaii's bankruptcy filings continued their downward trend last month as the number of Chapter 7, 11 and 13 cases in February decreased by one from a year earlier.

The 247 overall filings brought the two-month 2005 total to 457, a decline of 10.4 percent from 510 filed during the same period in 2004. If the trend continues through this month, then statewide filings will decrease year-over-year for the 13th straight quarter.

Chapter 7 filings, which involve liquidating the assets of a business or a consumer, rose 0.9 percent last month to 221 from 219 a year earlier. Chapter 13 filings, which allow a wage earner to pay creditors over three years, fell 20.7 percent to 23 from 29. There were three Chapter 11 reorganization filings in February compared with none in February 2004.

Roberts spends $8.5M on buses

Roberts Tours and Transportation Inc., the transportation division of Roberts Hawaii, has purchased 20 new Motor Coach International deluxe 45-foot motorcoaches for $8.5 million.

The vehicles, which cost about $400,000 each, will replace some of the older motorcoaches that Roberts uses on Oahu, Maui, Kauai and the Big Island. They are expected to be in operation by the end of this month, the company said.

Roberts Hawaii, which has an overall fleet of more than 1,000 vehicles, is the largest privately owned tour and transportation company in the state.

Hawaiian, Harmony Air sign pact

Canada-based Harmony Airways has signed an interline agreement with Hawaiian Airlines that would allow Harmony passengers to connect to Hawaiian's interisland flights as well as to flights between Hawaii and Tahiti, American Samoa and Sydney, Australia.

Harmony said it also is talking with Hawaiian about expanding their relationship to include a full code-share agreement later this year that would allow passengers of the two airlines to travel on each other's planes using one ticket.

Airline checks to start in August

WASHINGTON » The government will begin enhanced computerized background checks on some airline passengers in August, the head of the Transportation Security Administration announced yesterday.

The passenger screening program, dubbed "Secure Flight," is meant to replace a plan that never got to the testing phase because of criticism that it gave the government access to too much personal information.

That plan would have checked airline passengers' names against terrorist watch lists -- and against personal information supplied by companies that sell data.

Still, by the end of March, the TSA plans to do just that in what it describes as "a limited test," according to TSA chief David Stone.

[Hawaii Inc.]

PROMOTIONS

>> Bank of Hawaii has promoted James "Jack" K. Bulla and Francine N. Taba to senior management positions. Bulla has been promoted to Bankoh Investment Services Inc. president and CEO and Bankoh senior vice president. Taba has been promoted to senior vice president. She will continue her responsibilities as trust administration manager trust operations.

>> Continental Airlines has promoted Katherine Louie to Hawaii sales manager. She will be responsible for managing relationships and revenue with all corporate and travel agency accounts for the Hawaii region. She has worked for the company for 25 years.

>> Atlantis Adventures promotes three employees to new roles. Yuko Sukawa has been promoted to Oahu guest services supervisor. She will be responsible for supervising the guest services functions for both Atlantis Submarines and Atlantis Cruises. Teri-Lynn Parel has been promoted to agency service center manager. She will be responsible for managing the Oahu reservations and sales service functions. Lauren Merrill has been promoted to sales manager. She will be responsible for the sales and promotion of the Atlantis product line to westbound visitors.

>> Bank of Hawaii has appointed several vice presidents. Kevin C. Kitazumi has been promoted to vice president and manager of the bank's business loan approval and portfolio management group. He will be responsible for monitoring and managing the division's loan portfolio and overseeing the bank's credit underwriting processes and systems. Vincent G. Learned has been hired as the private client services fiduciary portfolio management team vice president and portfolio manager. He will be responsible for constructing investment portfolios, managing domestic equities, and maintaining appropriate asset allocations. Steven R. Nakahara has been hired as special assets vice president. He will be responsible for overseeing commercial client relationships with identified credit weaknesses. AnnaLena Zanolini has been promoted to private client services department vice president and relationship manager. She will be responsible for administering account portfolios of high net worth clients.