HAWAII

Isle gas prices continue downward

For the 14th straight week, gasoline prices fell again throughout Hawaii, according to AAA. Statewide, the gas price average dropped by another six cents from the past week to $2.30 a gallon.

Yesterday's average price in Honolulu was $2.22 a gallon for unleaded, down 4 cents from last week's price, 36 cents less than last month, and $1.14 lower than last year. In Hilo, the average price was $2.37 a gallon, down a penny from last week, 35 cents less than last month, and $1.05 lower than last year. The average price in Wailuku was $2.49 a gallon, 17 cents less than last week, down 50 cents from last month, and $1.38 lower than last year.

Redeem KB Toys gift cards

The Hawaii Office of Consumer Protection is warning consumers that unredeemed credit or gift cards from KB Toys Inc. will soon be worthless.

The bankrupt toy store chain, which has Hawaii stores on Oahu at Windward Mall, Kahala Mall, on Maui at the Queen Kaahumanu Center and on the Big Island at the Prince Kuhio Plaza in Hilo, has agreed to honor gift cards and merchandise credits at least through the close of business Jan. 11.

“;Consumers holding the gift cards must use them immediately, otherwise they'll end up with nothing besides a worthless piece of plastic,”; said Stephen Levins, executive director for the office.

KB operates 277 stores nationwide, including its four in Hawaii.

Horizon Lines named in lawsuit

Isle ocean shipper Horizon Lines Inc. said yesterday that it has been named as a defendant in a securities class action lawsuit in U.S. District Court in Delaware on behalf of purchasers of the company's common stock from March 2, 2007, through April 25, 2008. The chief executive of the company, as well as several former employees, were also named as defendants.

The complaint alleges, among other things, that the company made material misstatements and omissions in connection with alleged price-fixing in its shipping business in Puerto Rico in violation of antitrust laws.

Horizon Lines said yesterday that it has made appropriate disclosure practices and intends to “;vigorously defend against the lawsuit.”;

NATION

A&B assumes debt in purchase

Alexander & Baldwin Inc. assumed approximately $12.5 million of debt under two promissory notes as part of the purchase last month of a four-building industrial property in Visalia, Calif., the company said in a regulatory filing on Thursday.

The first promissory note, at $8.7 million, is secured by a deed of trust related to one of the four buildings. The note bears interest at 6.38 percent, requires interest-only payments of $47,000 through August 1, 2012, and matures on August 1, 2017. Payments of $54,000 a month are required through July, 2017. A final balloon payment of $8.2 million is due on August 1, 2017.