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POSTED: Friday, January 30, 2009

HAWAII

HawTel committee dispute resolved

A motion to appoint Pacific Investment Management Co. and Capital Research & Management Co. to Hawaiian Telcom Communication Co.'s official committee of unsecured creditors was withdrawn yesterday as HawTel's bankruptcy reorganization proceedings continued.

The motion was delayed by Judge Lloyd King on Monday, and a revised list of unsecured creditors was filed Wednesday, naming U.S. Bank, Deutsche Bank, International Brotherhood of Electrical Workers, Local Union 1357, Hawaiian Electric Co., Sprint Spectrum LP, Pimco, and Income Fund of America.

  King delayed until Monday a decision on whether Hawaiian Telcom can employ financial advisory firm Lazard Freres & Co., given a potential conflict with Lehman Commercial Paper Inc. raised by the U.S. Trustee.

 

Honua Kai opens to homeowners

Intrawest yesterday welcomed homeowners to the official opening of Hokulani, which is the first phase of the $400 million Honua Kai Resort & Spa on Maui.

The newest resort on Kaanapali Beach offers two U-shaped buildings, to be called Hokulani and Konea.

Hokulani tower offers 318 studio, one-, two- and three-bedroom suites, pool and hot tubs, beachside grills, meeting rooms, and a keiki club. The Konea Tower is expected to open in 2010, with 310 guest suites.

More $100 million in sales closed for the project this month.

Intrawest is the developer of the project, owned by Maui Beach Resort LP, while Intrawest Hospitality Management will be the resort manager.

 

NATION

30-year mortgage rates fall this week

McLEAN, Va. » Rates on 30-year mortgages edged down this week, but remained above 5 percent, Freddie Mac reported yesterday.

The average rate on a 30-year fixed mortgage dipped to 5.10 percent this week from 5.12 percent last week. At this time last year, the 30-year, fixed-rate mortgage averaged 5.68 percent.

This week, the average rate on a 15-year fixed-rate mortgage was unchanged at 4.8 percent. The comparable rate a year ago was 5.17 percent. 

Horizon Lines declares dividend

Isle ocean shipper Horizon Lines Inc. said yesterday that its board has voted to declare a regular quarterly cash dividend of 11 cents a share, payable March 15 to stockholders of record on March 1. The dividend was approved during the regularly scheduled quarterly meeting of the board yesterday.

The company also established a date for its 2009 annual meeting of stockholders. Stockholders of record at the close of business on April 13 will be entitled to vote upon matters considered at the meeting, to be held in Charlotte, N.C., on June 2.

 

Hildgund Jewelry to reopen store

Hildgund Jewelry has completed lease negotiations with Mauna Kea Beach Hotel to open a store in the hotel's new shopping area. Hildgund closed in December 2006 at the hotel because of damage that occurred during the earthquake.

The store is expected to open next month.

 

Verizon invests $29M in 2008

Verizon Wireless said yesterday that it invested $29 million in its Hawaii network last year. The company's spending totals more than $186 million since 2000 in Hawaii and $50 billion nationally over the past eight years.

The company said its 2008 spending increases the number of calls and data transmissions the network can handle throughout the state. That includes adding seven cell sites on Oahu, Kauai and the Big Island.

 

Keauhou Bay hit with foreclosure

The trustee for troubled Lehman Brothers filed yesterday to foreclose on the 521-room Sheraton Keauhou Bay Resort & Spa on the Big Island. The hotel is expected to remain open.

LaSalle Bank National Association filed the complaint in state Circuit Court against hotel owner Koa Hotel LLC, the local entity of New York-based Brickman & Associates Inc., for nonpayment of $57.6 million, including interest and fees, as of Dec. 22.

 

Starwood Hotels profit falls 46%

NEW YORK » Starwood Hotels & Resorts Worldwide Inc., which operates 11 properties in Hawaii under its St. Regis, Sheraton, Sheraton Luxury Collection and Westin brands, said fourth-quarter profit fell 46 percent to $79 million due to the global recession and deepening financial crisis.

 

Mesa sets stock value for notes

Mesa Air Group, parent of interisland carrier go!, said yesterday that under a restructured agreement with its note holders that it will issue 2,525 common shares on Saturday for each $1,000 of its principal amount due at maturity in 2023 of its senior convertible notes.