State bankruptcies rise 20% over year-ago period

Hawaii's bankruptcies finished the quarter Friday at 1,197 filings statewide, up 20 percent, or 199 filings, from 998 in the same quarter last year, according to the Office of the U.S. Trustee.

The state's struggling economy and heavy individual credit card debts were factors in the increase.

Hawaii is expected to end the year with more than 5,000 bankruptcies once the Sept. 11 attacks take hold on the tourism industry.

HVCB formulates plan to accelerate rebound

Hawaii's tourist industry is coming together to build a plan for fast promotion to bring tourist arrivals up from the 30 percent to 40 percent decline the industry since the Sept. 11 attacks, but officials late yesterday were not ready to disclose details.

Officials of the Hawaii Visitors and Convention Bureau, the state Department of Business, Economic Development and Tourism and the Hawaii Tourism Authority met through the weekend and yesterday to come up with a working plan, which they had said would be ready by the end of Sunday.

They achieved that, executives who were present said, and the plan looks good but it is being kept private because funding is a question and the plan probably will need help from the Legislature.

There has been talk of a $20 million campaign, funded half by government and half by the private sector.

Details won't be disclosed until Thursday or later, sources said, by which time the proponents hope to have in place all the government and private sector agreements they need.

Cendant finalizes deal with travel firm Galileo

New York >> Cendant Corp. completed the purchase yesterday of travel reservation company Galileo International Inc. for $2.8 billion in cash, stock and assumed debt, and named senior executive vice president Samuel Katz chairman of the unit.

Cendant, which franchises Ramada hotels and the Avis rental car business, also named Mark Miller, formerly president of its travel division, as president and chief executive of Galileo, Cendant said in a press release.

New York-based Cendant said it would fire 200 employees over the next 18 months as it combines Galileo's operations with its own. Cendant has about 60,000 employees.

The purchase will add to earnings in the fourth quarter, and 7 cents a share to 9 cents a share in 2002, assuming airline industry travel bookings fall 20 percent.

The company originally expected Galileo, based in Rosemont, Ill., to add 11 cents a share to 16 cents a share to earnings next year.

Earlier, Cendant said that it expects to complete its takeover of Honolulu-based Cheap Tickets Inc. by the end of this week.

Taking Notice

PROMOTIONs

>> Summit Lending of Hawaii has promoted Daneil Chinen from senior underwriting manager to quality assurance manager in its corporate operations department and Andrew "Drew" Aniya from loan processor to loan specialist in its retail sales division. Chinen has been with the company since it was founded in May 2000. She manages the flow of operations, including processing and underwriting loan files on both wholesale and retail accounts. With more than 20 years of experience in the mortgage industry, she is also involved with staff training and mentoring. Aniya has five years of experience in the mortgage banking business, previously working at First Hawaiian Bank.

RECOGNITION

>> Tracy Motelewski has been named to the Prudential Real Estate Affiliates Prestigious Chairman's Circle. Motelewski specializes in condominium, private residential and home sites and services the Kaanapali and Kapalua areas of Maui. A realtor with Prudential since 1999, Motelewski was honored during ceremonies in Las Vegas.