Posted on: Friday, August 22, 2003

BUSINESS BRIEFS
State sells $473 million in bonds

Advertiser Staff

The state yesterday sold $437.38 million in general obligation bonds with an interest rate of 4.43 percent, one of its lowest rates in 10 years, the governor's office said.

Part of the sale allows the state to retire previously sold bonds, resulting in a savings of $6.7 million.

The sale follows favorable reviews from rating agencies Moody's Investors Service, Standard & Poor's and Fitch Ratings.

Club owner files for bankruptcy

The parent company of the downtown Honolulu Players Sports & Entertainment Club has filed for bankruptcy protection to contest a landlord dispute.

Intercontinental Market Corp., which last year relocated the sports bar from the corner of Alakea and Beretania streets to 1270 Queen Emma St., claims it withheld about $100,000 in rent because its new landlord did not make necessary building improvements, according to Intercontinental's bankruptcy attorney Jerrold Guben.

Landlord Randal Galijan sued Intercontinental in June and won a judgment last week to repossess the property, which is on hold because of the Chapter 11 filing Wednesday.

Two other Players sports bars in 'Aiea and Manoa are not affected.