Amfac owes isle firms less than $350,000
Amfac Hawaii's biggest local creditors are owed a total of less than $350,000, a fraction of the bankrupt firm's total debt of about $325 million.Amfac filed Chapter 11 reorganization in Chicago last week, and its list of creditors was not immediately available.
The top four local creditors, as of the end of January, are Goodfellow Bros., owed $137,324; Brewer Environmental Service/Brewer Environmental Industries, $85,054; Fong Construction Co., $67,547; and Kaanapali Operations Association, $60,000. Amfac is expected to file a plan of reorganization that will issue new ownership stakes to its creditors.
Servco completes sale of Canon equipment division
Hawaii Business Equipment has closed on its purchase of the Canon office equipment unit of Servco Integrated Office Technology, which completes the selloff of SIOT by Servco Pacific Inc. A spokeswoman declined to reveal the price.Most SIOT employees will either continue with HBE or have accepted employment within other Servco divisions, according to a Servco statement. SIOT represented less than 3 percent of Servco Pacific's revenue.
Founded in 1977, Hawaii Business Equipment bills itself as the state's largest independent office equipment dealer in the state. The acquisition makes HBE one of two Canon dealers in Hawaii.
Servco Pacific recently sold SIOT's Ricoh office equipment business to Lanier Worldwide Inc.
Sabre begins hostile bid for Travelocity.com
SOUTHLAKE, Texas >> Sabre Holdings Corp. has begun a $345 million hostile offer for the 30 percent of Travelocity.com Inc. it doesn't own after the second-biggest U.S. online travel agent rejected the bid.Travelocity.com said Monday that Sabre's tender offer of $23 apiece for about 15 million shares is inadequate. Travelocity.com's investment bank, Salomon Smith Barney Inc., had argued for a price between $30 and $55 during earlier talks, according to a regulatory filing yesterday by Sabre, the biggest U.S. travel-reservation company.
Sabre created Travelocity.com about two years ago and merged it with Preview Travel Inc., whose shareholders got 30 percent of the combined company. The stock has traded as high as $51.88, double the offer price. Sabre, which needs to boost its stake to 90 percent to force the remaining investors to tender shares, waited two years to make the bid to keep the merger tax free.
Shares of Fort Worth, Texas-based Travelocity.com, ranked second by value of travel sold on its Internet site, rose 26 cents to $26.48 today. They traded as low as $9.92 in September. Southlake, Texas-based Sabre fell 25 cents to $47.80.
Chiquita may get buyout bid from investors
CINCINNATI >> Chiquita Brands International Inc., the world's biggest banana producer, may get an $800 million acquisition bid from a group of investors led by Latin America Finance Group, the Financial Times said, without citing sources. The bid by the U.S. and Latin America investors may prompt rivals Dole Food Co. and Ireland's Fyffes Plc to also make offers, the FT said.Chiquita filed for Chapter 11 bankruptcy protection in November, planning to shed more than $700 million in debt.