POSTED: Monday, May 04, 2009
Chrysler has 3-week plan for auctioning assets
NEW YORK » Chrysler, under orders by President Barack Obama to conduct a quick bankruptcy, may ask court approval to auction most of its assets in three weeks, a person familiar with the matter said.
Chrysler said it would ask a judge to approve the sale today, creating an alliance with Italy's Fiat Group SpA, according to a filing Saturday with the U.S. Bankruptcy Court in Manhattan. The transaction would help create the world's sixth-largest carmaker, a merger Chrysler wasn't able to do outside bankruptcy because of opposition by some of its secured lenders.
Chrysler wants a schedule that would require creditor objections to the sale to be submitted by May 11 and an auction held by May 22, the person said, asking not to be identified because the plan is confidential until announced. Under bankruptcy law, offers for bankrupt companies or their assets are generally subject to the possibility of higher bids at a court-supervised auction.
Fiat, meanwhile, confirmed yesterday that it is in talks to acquire General Motor's European operations with the aim of possibly creating a new company to also include Chrysler. Combined, the new automaker would have $105 billion in annual revenues, Fiat said in a statement.
Hilton Hawaiian Village re-employs laid-off workers
Hilton Hawaiian Village has found new positions within the company for nearly all of the 58 employees who were laid off between January and March and, with the opening of the Grand Waikikian time share, has added more jobs than were lost.
The closures of the Village Steak & Seafood Restaurant and the Tapa Cafe initially resulted in layoffs, said Jerry Gibson, Hilton's area vice president and managing director, but the opening of Hilton's new luau and the impending reopening of the Tropics restaurant created new jobs. Twenty employees were rehired to work the luau, and 30 went to Tropics, Gibson said. Seven employees opted to take severance or retire.
"We were able to absorb every single person except for one that required a 4 p.m. shift because of a morning job," Gibson said. The recent opening of the Grand Waikikian also created about 125 new jobs, he said. "Our net jobs are up by about 115."
Kamehameha master plan meeting set for Thursday
The Hawaii Community Development Authority is holding a community meeting Thursday for Kamehameha Schools' 29-acre master plan in Kakaako.
HCDA staff is reviewing the master-plan application, which proposes a mixed-use urban village with up to 2,750 additional residences and an innovation technologies center. Kamehameha Schools presented its "Kaiaulu 'O Kakaako Master Plan" to HCDA in December.
The meeting, set up so the community can learn more about the plan and provide comments, will be held from 4:30 to 7:30 p.m. at the Honolulu Design Center's Cupola Events Theatre, 1250 Kapiolani Blvd. Submit comments online at http://www.hcdaweb.org or by calling 587-7683.
» Personal Care Products is recalling nonacetone nail polish remover because it could cause chemical burns to users' fingers. Personal Care has received two complaints of burns to the fingers.
The product was sold nationwide in small discount retail stores. The recall involves all lots of Personal Care nonacetone nail polish remover, conditioner enriched with gelatin, 8 fluid ounces, with the UPC 4815592076. For more information, call (248) 258-1555.
» Today: Hawaiian Electric Industries Inc. reports first-quarter financial results. Honolulu Board of Realtors releases housing numbers for April. National Association of Realtors releases pending home sales index for March. Commerce Department releases construction spending for March.
» Tomorrow: CVS Caremark Corp. and Kraft Foods Inc. release first-quarter financial results. The Walt Disney Co. releases second-quarter financial results.