Honolulu Star-Bulletin Business /2005/04/27/

[ FAST FACTS HAWAII ]

Hawaiian Telcom hires well-heeled CFO

Hawaiian Telcom, the name of the company that will succeed Verizon Hawaii, has named former Global Crossing finance chief Daniel P. O'Brien as chief financial officer.

O'Brien, also a former GTE executive, served as executive vice president and chief financial officer of Global Crossing from 2003 to 2005.

Global Crossing, operator of a worldwide fiber-optic network, filed the second-biggest telecommunications bankruptcy in 2002 after demand dropped. The Bermuda-based company left bankruptcy in December 2003 and recently settled a regulatory investigation into its accounting for the years before it filed bankruptcy.

Previously, O'Brien worked for the former GTE Corp. for 17 years, including two years as executive vice president and chief financial officer. GTE merged into Verizon Hawaii's current parent company in 2000.

AAA says Hawaii most expensive

Hawaii, not surprisingly, is the most expensive state for a vacation, with costs totaling an average $518 a day, according to an annual survey by AAA.

The Hawaii figure includes $366.31 for lodging and $151.28 for meals. The state was followed by the Washington, D.C., at $441.48 and Rhode Island, at $307.47.

Hawaiian Electric declares dividend

Hawaiian Electric Industries Inc. maintained its quarterly dividend at 31 cents a share, the company said yesterday. It will be paid June 13 to stockholders as of May 10.

The dividend's yield is 4.7 percent. The company recently reported a 22.1 percent drop in net income and is seeking to raise Oahu power rates 7.3 percent.

Delta still in trouble, analyst says

ATLANTA » Delta Air Lines Inc. dodged a bankruptcy filing last fall thanks to deep concessions from pilots and fresh financing from creditors.

But six months later, the nearly $1.1 billion in loans have been spent and high fuel prices have overshadowed cost-cutting successes. And that's put Delta again at risk of having to seek Chapter 11 bankruptcy protection, according to Calyon Securities airline analyst Ray Neidl.

Neidl estimated in a research note issued yesterday that the nation's third-largest carrier is burning through $4 million in cash a day. Without an improvement, that could drop its unrestricted cash reserves to $1.47 billion by the end of June and $466 million by year's end, dangerous levels for a company with heavy debt and pension funding obligations.

[Hawaii Inc.]

PROMOTIONS

» The Ala Moana Hotel has appointed Mark Braz as executive chef and Bernadette "Bernie" Worley as catering sales manager. Braz will be responsible for overseeing the hotel's food and beverage operations. He joined the hotel in 2003 as executive sous chef. Worley will be responsible for developing meetings and banquets business. She brings over 14 years of travel and hospitality experience to the position.

» Young Brothers Ltd. has promoted Vicente "Vic" Salas Angoco Jr. to vice president and general manager. He will be responsible for overseeing the day-to-day operations of the company. He replaces Henry Idehara, who retired from the company after 31 years.

>> Castle & Cook Realty Inc. has promoted Sonya Martini to office manager. She joined the company in 2002 as a secretary. She previously served as executive secretary and project assistant for Savio Development Co. and Savio Realty Ltd.

» Armstrong Builders Ltd. has appointed Jim Keller construction division president. He has worked for the company for 20 years.

» Maui Land and Pineapple Co. has promoted Karin Sagar to Kapalua Land Co. marketing vice president. She has worked for the company for more than 11 years.

» Broadband iTV, an interactive television company, has promoted David Tumilowicz to marketing director. He will be responsible for both geographic and demographic market strategies for the company. He previously served as the company's channel development manager.