BUSINESS BRIEFS
New restaurant for Beach Walk
Advertiser Staff and News Reports
The owners of Waikiki restaurant Tiki's Grill & Bar announced plans to open an ocean-themed eatery in the Waikiki Beach Walk retail and entertainment complex being developed by Outrigger Enterprises on Lewers Street.
The "casual, upscale" restaurant will be called Holokai Grill, and celebrate Hawai'i's voyaging canoe heritage. Holokai is the Hawaiian word for seafarer or sea voyage.
Construction is expected to last from April to November 2006.
Holokai Grill partners Bill Tobin, Kelly McGill and Greg Montgomery opened Tiki's three years ago in the ResortQuest Waikiki Beach Hotel.
GRANT SUPPORTS BIOSENSOR TEAM
The University of Hawai'i and Nanogenetech Inc., dba BioXene, are teaming up on a research project to develop a new type of nano-scale molecular biosensor that could reduce the time needed to detect avian influenza in birds, infections and other biological targets.
UH and BioXene will co-fund research and development of the technology invented by Winston Su of the UH Molecular Biosciences and Bioengineering Department. Funding for the project comes through a $57,578 grant from the UH Accelerated Research Commercialization program and $71,654 of cash and in-kind funding from BioXene.
ECONOMIC PANEL ACCEPTING IDEAS
The state Economic Momentum Commission is inviting the public to rank its 35 suggestions for maintaining Hawai'i's growing economy, and announced a virtual statewide town hall meeting Nov. 15.
The public can vote at emc-hawaii.com to prioritize which suggestions should be the 10 most important for the volunteer commission to pursue.
The meeting will be held at 10 locations on six islands and linked via closed-circuit TV Tuesday at 6 p.m. A list of meeting locations and local phone numbers to call to reserve a seat are available at emc-hawaii.com.
Another meeting is scheduled for Nov. 18 from 7 to 9 p.m. at Chaminade University's Ching Conference Center. More meetings are being scheduled.
BLOCKBUSTER MAKES MOVES
Blockbuster launched a major campaign yesterday to raise cash and slash costs to avoid defaulting on its loans.
The company outlined its plan to quickly sell as much as $173 million in convertible preferred stock. Blockbuster says lenders agreed last week to relax loan terms through 2007 if it repays at least $100 million by Nov. 20. If Blockbuster fails, it is "probable" it will default on its loan covenants on Dec. 31, it said in a Securities and Exchange Commission filing.
The company also said it will cut costs by $100 million next year, cut capital spending by $90 million and sell non-core assets. "We'll continue to move full steam ahead with our core business, which is Blockbuster stores and Blockbuster Online," CEO John Antioco said.
