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Hilo Hattie contenders given more time

July 9, 2009
Maui Weekly

On Monday, June 29, Judge Robert Faris delayed his decision on the bankruptcy court case for Hilo Hattie on a number of motions that would reposition the popular retailer closer to creditor resolution. The judge said he would have a decision on Wednesday, July 15, which gives interested buyers—Maui Divers Jewelry and Royal Hawaiian Creations—more time to submit their cases which will outline why they would be the best company to take over Hilo Hattie. Pomare Ltd. (dba Hilo Hattie) filed for bankruptcy in October 2008 and filed its amended Chapter 11 reorganization plan and disclosure statement just a few weeks ago. The company now says it will repay unsecured creditors 5 percent in equal installments, at 1 percent every year for five years. Maui Divers Jewelry, whose bid is supported by a group of unsecured creditors, is still interested in purchasing the company’s assets for $1 million, along with $2 million in working capital, while keeping all of the current employees. Aloha apparel wholesale manufacturer Royal Hawaiian Creations proposes to inject $1 million in instant cash, half of which will go to replenishing Hilo Hattie’s suffering inventory.

 
 
 

 

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