BUSINESS BRIEFS
HawTel won't need to borrow
Advertiser Staff and News Services
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Hawaiian Telcom won permission in bankruptcy court yesterday to use $75 million it holds to continue operating while it reorganizes.
Hawaii Telcom, which filed for bankruptcy protection Monday, said it doesn't need to borrow money while it reorganizes, either through a sale of its assets or with a new investment by its parent company, The Carlyle Group.
It's request to use the $75 million was approved by Judge Peter Walsh in U.S. Bankruptcy Court in Wilmington, Delaware.
Hawaiian Telcom said is moving forward with a restructuring plan, which it said could involve selling the company or having Carlyle make additional investments in the company.
MEET WITH COMMISSARY BUYERS
The Defense Commissary Agency will hold meetings in February with Hawai'i-based businesses interested in selling products in the five military commissaries on O'ahu.
The meetings will be held Feb. 24-26 at the Hawaii Prince Hotel. Business owners will have an opportunity to meet one-on-one with an agency buyer and present their products.
Each year, buyers from the agency attend the American Logistics Association Hawai'i Food Show to sample and select products for sale in more than 260 commissaries and exchanges in Hawai'i as well as across the world. Next year's show is set for Aug. 18-21 at the Hawaii Prince.
Annual sales from the five local commissaries reached $236 million in fiscal year 2008, with a portion of the sales generated from products purchased from more than 150 Hawai'i-based firms.
Companies interested in doing business with the agency should review information on the its Web site, www.commissaries.com/business.cfm. To make an appointment at February's meeting, call Sharon Zambo-Fan at 384-8868, or e-mail sharonzambofan@hawaii.rr.com.
KUBOTA WILL BE WEEKEND ANCHOR
KGMB9 named reporter Lisa Kubota the new anchor of the station's weekend news.
She will begin anchoring the weekend edition of KGMB9 News at 5 and KGMB9 News at 10 on Dec. 6.
Kubota joined the KGMB9 Newsroom as a general assignment reporter in 2004. Before joining KGMB9, Kubota worked at KHNL News8 after spending two years in Japan where she taught English.
"Lisa is a great example of the potential in our newsroom. She hasn't blinked at this challenge, and she knows how important the weekends are to us and our viewers," said Chris Archer, KGMB9 news director.
PROSPECT TO CUT 40 PERCENT OF STAFF
Prospect Asset Management Inc., the Honolulu-based investment fund with an office in Tokyo, is cutting staff by about 40 percent after slumping markets wiped out $1.5 billion of assets and most of the firm's hedge fund.
Assets under management have dropped to $1 billion from a peak of $2.5 billion in June 2006, while the value of Prospect's hedge fund fell to $6 million from $600 million, Chairman Curtis Freeze said in an interview in Tokyo. He estimates his workforce will dwindle to about 30 people in coming months, from more than 50 two years ago, helping cut costs by 40 percent.
"We're all in the same boat, and I don't think there is anything unique about Prospect, and if business isn't there, you have to cut," Freeze, 46, said. "We've already gone through the bulk of the pain."
