Posted at 11:40 a.m., Tuesday, September 10, 2002
Waimea Valley park deal approved
Advertiser Staff
A New York bankruptcy court has approved a settlement reached late last month resolving a loan dispute between Bank of Hawai'i and the owner of Waimea Valley Adventure Park.The bank will receive $3.8 million from Attractions Hawai'i's $5.1 million sale of the 1,875-acre North Shore preserve to the city. The bank, which made loans to Attractions Hawai'i, maintains $3.6 million in claims as one of several creditors with $20 million in priority claims.
The settlement, approved late last week, is subject to a 10-day appeal period.
Attractions Hawai'i, headed by New York investor Christian Wolffer, filed for Chapter 11 last year to prevent the bank from foreclosing on the park and selling it at auction. Attractions Hawai'i still owns Sea Life Park on O'ahu, and is expected to file a reorganization plan with the court by Sept. 16.
