Isle tour company Trans Hawaiian, a major Hawaii tourist transportation company since 1987, has placed all of its operations under the protection of the U.S. Bankruptcy Court, listing more than $7 million in debts and assets of $1.1 million.
files Chapter 11
Trans Hawaiian has been
operating here since 1987By Russ Lynch
rlynch@starbulletin.comAmong the major unsecured creditors are Aloha Airlines, owed more than $2 million; Associates Commercial Corp., a lender in Texas, owed $95,212; and the state Department of Transportation, owed $180,000.
The company was incorporated as Trans Hawaiian Transportation Inc. in 1987 as an affiliate of Regal Travel Inc. Last year, however, the stock was transferred to a Nevada corporation, THT Inc., controlled by trusts for Scott Iwamoto and Mark Iwamoto, sons of Robert Iwamoto Jr., the owner of another Hawaii tourist business.
Officials of the company could not be reached for comment. Persons answering the telephone at Trans Hawaiian said that it is now a Roberts Hawaii operation and Trans Hawaiian has ceased to exist as an operating company. The company had operated on Oahu, Maui, Kauai and the Big Island, running tour buses and charters, and a THT subsidiary called Trans Hawaiian Services put together packaged tours.
Chapter 11 bankruptcy petitions were filed Friday for the four separate island operating companies and Trans Hawaiian Services. Under Chapter 11, a company is freed from lawsuits from creditors while it reorganizes its finances. Other significant creditors are fuel supply companies, such as Diamond Head Petroleum on Oahu, which is owed about $122,000, and Hawaii Petroleum in Hilo, owed $24,000.
The companies are in debt to law firms, too, such as the law offices of Lance Castroverde, owed about $70,000, and the Pacific Law Group, which is owed about $64,000. Roberts Hawaii is owed various sums totaling about $64,500.