Business Briefs

Reported by Star-Bulletin staff & wire

Friday, September 17, 1999

Oahu Construction seeks protection

Oahu Construction Co., which recently filed for Chapter 11 reorganization bankruptcy, says it sought the protection because of an impending foreclosure by lender Bank of Hawaii.

The Sept. 9 filing insures the company will continue operations and protects the interests of its creditors and employees, the company said. Oahu Construction owes Bank of Hawaii about $10 million.

Oahu Construction was formed in 1946 and has been in construction continuously. About three years ago, it had more than 250 employees. At time of the filing, it had 17 in-house, nonunion employees and 45 union workers, members of either Hawaii Laborers or Operating Engineers unions.

John Hancock ready to sell stock to public

WASHINGTON -- John Hancock Mutual Life Insurance Co., the No. 6 U.S. policyholder-owned life insurer, filed to raise as much as $2.04 billion in what could be one of the largest initial public offerings by a U.S. insurance company.

The sale, expected before the end of March, could rival the $2.12 billion raised by car and home insurer Allstate Corp. in June 1993, the sixth-largest initial public offering this decade.

The sale would give Hancock stock to pay employees or buy competitors, a tactic being used by rivals. Mony Group Inc., formerly Mutual of New York, raised $304 million selling stock in November. Prudential Life Insurance Co. of America and Metropolitan Life Insurance Co., the two largest U.S. life insurers, are expected to convert within the next year or so.

Workers settle strike at New Jersey casino

ATLANTIC CITY, N.J. -- A casino-hotel workers strike that inconvenienced thousands of gamblers and visitors during one of Atlantic City's busiest weeks has been settled, the union said today. The 14,000-member Local 54 of the Hotel Employees and Restaurant Employees International reached a tentative agreement with representatives of the nine affected casinos. Workers, who walked out Tuesday, will return to the casinos Saturday.

E-mail to Business Editor

Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]
[Stylebook] [Feedback]

© 1999 Honolulu Star-Bulletin