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Hawai‘i Superferry files for bankruptcy

June 4, 2009
Maui Weekly

The Honolulu Advertiser - On Saturday, May 30, the Hawai‘i Superferry filed for bankruptcy protection, informing a Delaware court that the Hawai‘i Supreme Court ruling caused for the Alaka‘i to cease operations in March and has exhausted the company’s revenues. The Superferry and its parent company, HSF Holding Inc., filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware, listing between $1 and $10 million in assets and $50 million to $100 million in debts.

The company was facing a $2.9 million principal and interest payment on a construction loan, yet it had just $1 million in cash. It listed around 50 creditors, including the State of Hawai‘i, whom it maintained “it should not have to make payments on the $40 million worth of state harbor improvements” since the operating agreement was voided by a Maui court.

The Superferry told the bankruptcy court that is has plans to liquidate its assets and “wind up their business.” In a statement, Superferry representatives revealed seeking other charter possibilities for its two catamarans, yet they haven’t materialized in time for the company to meet its required financial obligations. The two ships remain docked in a shipyard in Mobile, Ala., which is home to the project’s main investor, J.F. Lehman & Co.



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