Court OKs Hilo Hattie bankruptcy plan

Mon Sep 14, 2009 9:56 PM EDT

business, us, bankruptcy, hilo-hattie, robert-faris

HONOLULU — U.S. Bankruptcy Court Judge Robert Faris has approved a plan to reorganize Hilo Hattie.

The approval that came Monday will enable the major retailer of Hawaiian souvenirs and aloha attire to emerge from Chapter 11 bankruptcy Oct.4.

The plan by Royal Hawaiian Creations would wipe out about $14 million in debt to keep Hilo Hattie in business while preserving numerous vendor relationships.

Royal Hawaiian Creations is the largest unsecured creditor in the bankruptcy case. The garment manufacturer is owned by Donald Kang, who obtained control of Hilo Hattie through a stock purchase in June.

Royal Hawaiian Creations has already invested $1 million in Hilo Hattie. It will invest an additional $3 million to pay claims necessary for Hilo Hattie to exit bankruptcy.

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Public Discussion (1)

GuyE

Well this is good news! Imagine the Royal Hawaiian Creations has already invested $1 million in Hilo Hattie. Then they will invest an additional $3 million to pay claims necessary for Hilo Hattie to exit bankruptcy. In relation to this, the United States Federal Reserve is an organization shrouded in mystery. The Federal Reserve is being hailed as the prime mover in the bank bailout to avoid more bank failures, even though banks are still failing. Some things nobody knows that the Federal Reserve aren't part of the government; it's actually a private group. There is little or no Congressional oversight, and this is who prints our money.

Court OKs Hilo Hattie bankruptcy plan

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Court OKs Hilo Hattie bankruptcy plan

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