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The Honolulu Advertiser
Posted on: Saturday, May 30, 2009

Hawaii Superferry's statement on bankruptcy

Advertiser Staff

Hawaii Superferry released the following statement today regarding its bankruptcy filing:

As a direct result of the Hawaii Supreme Court decision last March, Hawaii Superferry had to shut down operations. There has been no relief from that decision. With no ability to operate, the company has had no revenues, only ongoing expenses to maintain the vessels Alakai and Huakai, our second ship.
Our recent objective was to charter the ships outside of Hawaii, which would keep Hawaii Superferry operating at some capacity. Although there are potential charter opportunities around the world, they take time and havenít materialized in time for the company to meet its required financial obligations. Our efforts to refinance and restructure the company for this interim period with additional investment have not been successful, as yet. Accordingly, a filing of Chapter 11 was an unavoidable next step.
Hawaii Superferry would like to thank the legions of people and businesses who have supported us. We are proud to have provided thousands of Hawaii residents with the experience of inter-island travel by sea and are assured by the fact that the overwhelming majority of people around the state view Hawaii Superferry as a much needed and wanted transportation service.