Business briefs

Advertiser Staff

Central Pacific modifies offer

Central Pacific Financial Corp. yesterday lowered its purchase offer for City Bank parent CB Bancshares Inc. to account for a 10 percent stock dividend that CB Bancshares said it will pay on June 27 to shareholders who own company stock on June 16.

Central Pacific two weeks ago offered CB Bancshares shareholders $21 in cash and 1.89 shares of Central Pacific stock, which has been adjusted downward to $19.09 and 1.72 shares of stock for each City Bank share because CB Bancshares is issuing 10 percent more stock.

"We are continuing to offer the same total package to the CB shareholders," said Neal Kanda, Central Pacific chief financial officer.

Trustee worries Hawaiian pilots

The appointment of a trustee for Hawaiian Airlines could undermine the carrier's ability to emerge from bankruptcy, the pilots union said in a court filing this week.

The union said it is concerned the appointment of a trustee as requested by Boeing Capital Corp. may be viewed by customers as a "prelude to an eventual liquidation" of the airline.

A bankruptcy court hearing on the trustee issue is scheduled for May 8 and 9.

Big Island condos sell fast

Dallas-based Centex Destination Properties yesterday said it attracted more than $35 million in sales of beachfront condominiums at its Kolea development in Waikoloa on the Big Island.

The condominiums, which are under development, sold in less than five hours for an average of $1.5 million Saturday. Several penthouses sold for more $2.5 million, the developer said.