Reported by Star-Bulletin staff & wire
Tuesday, June 16, 1998
Maui Mall signs lease for 14-theater complex
KAHULUI -- The Maui Mall is in line for a movie complex with up to 14 theaters.A&B Properties Inc. announced yesterday it has signed a long-term lease with Wallace Theater Corp. for a nearly 35,000-square-feet space at the mall in Kahului.
It would use the space formerly occupied by Woolworth's, making Wallace one of the mall's anchor tenants. Construction on the theater complex is expected to begin by the end of this year with the opening expected in mid-1999.
Philippine Air lays off 5,000, more cuts seen
MANILA -- The government today urged talks to avert a shut down at Philippine Airlines after ground and cabin crews threatened strikes over the airline's laying off of about 5,000 workers.Philippine Airlines yesterday laid off about a third of its more than 13,000 employees as part of a survival plan, saying it had been brought to its knees by a pilots' strike, now in its 12th day.
An industry source said more jobs at financially troubled PAL could go and that the airline had warned its creditor banks it might not be able to service its debts, estimated to be at least $1.5 billion, after this month. But a senior government source said today that PAL would not declare a moratorium on its debt payments.
In other news . . .
NATICK, Mass. -- Boston Scientific Corp. said it will buy Pfizer Inc.'s cardiovascular devices unit for $2.1 billion in cash, giving it a larger piece of the market for devices to hold open cleared arteries.
See expanded coverage in today's Honolulu Star-Bulletin.
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