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Business Briefs

For Tuesday, September 21, 2010

By Star-Advertiser Staff and News Services

POSTED:


Alaska begins Portland-Oahu route

Alaska Airlines began service yesterday between Portland, Ore., and Honolulu with an introductory one-way fare of $169.

The Seattle-based carrier will begin service between Portland and Kona on Nov. 12 for $179 one way.

Tickets at the special fare must be purchased by next Monday for travel to be completed by Feb. 16. Travel between Portland and Honolulu is available Monday through Thursday. Travel between Portland and Kona is available Monday, Wednesday, Friday and Saturday. Blackout dates apply to both routes.

Alaska Air, which has been aggressively expanding its Hawaii presence over the last three years, already flies between Portland and Kahului.

 

HELCO pares rate request to 1.2%

Hawaii Electric Light Co. and the state Consumer Advocate have reached a settlement on a rate-increase request that reduces the Big Island utility's requested amount to 1.2 percent from the initial request of 6 percent that was filed December.

If the state Public Utilities Commission approves the request, then the net interim increase in annual revenue would be $4.4 million rather than the $20.9 million that HELCO would have received under its initial request, according to a filing yesterday with the U.S. Securities and Exchange Commission. The 1.2 percent rate increase under the settlement is based on the PUC also approving new depreciation rates and methodology proposed by HELCO in a separate depreciation proceeding. If the depreciation rates and methodology are not approved by the PUC, then the net interim increase would be 2.6 percent, or $9.1 million in revenue.

The company said in its filing that the PUC may grant an interim increase within 10 to 11 months following HELCO's December filing but cannot guarantee the timing of the decision.

 

Mesa gives US Air 10 percent stake

Mesa Air Group Inc., the regional airline that filed for bankruptcy in January, will give a 10 percent stake in the company to US Airways Group Inc. as part of its restructuring.

Mesa, the operator of interisland carrier go! Mokulele -- which is not in bankruptcy -- will issue stock to US Airways in exchange for a new flying pact between the airlines known as a code-share agreement, Mesa said in its proposed restructuring plan filed Friday in U.S. Bankruptcy Court in Manhattan, N.Y.

Mesa serves 94 cities in the U.S., Canada and Mexico. The Phoenix-based company operates regional flights for major airlines under code-share agreements. Its consolidated revenue in 2009 was about $968 million, according to a court filing by the company.

The bankruptcy plan, which requires court approval, will give unsecured creditors with claims of about $2 billion new Mesa stock and $50 million of new notes, according to the court filing. After the restructuring, Mesa's enterprise value will be $938.5 million to $1.097 billion, the company said.

 

HP, Hurd reach pact over Oracle gig

SAN FRANCISCO » Hewlett-Packard Co. reached a settlement yesterday with its former chief executive officer that requires him to relinquish about $14 million in stock in exchange for the all-clear to work for rival Oracle Corp.

The truce ends two weeks of uncertainty over whether HP, the world's biggest technology company, would drag out its lawsuit against Mark Hurd and try to cripple him in his new job leading Oracle's fight against HP.

ON THE MOVE

Hawaii Employer's Council has promoted Clayton A. Kamida to executive vice president from corporate secretary and general counsel. He previously worked for the Torkildson Katz Fonseca Moore and Hetherington law firm.

***

Hawaii Community Foundation has awarded the 2010 Ho'okele Award to the following nonprofit leaders: Jeanne Skog, Maui Economic Development Board president and chief executive officer; Gregory Dunn, Hawaii Nature Center executive director; Patricia Tummons, Environment Hawaii publisher; and Selena Ching, Hawaii Youth Symphony executive director.

***

Pacific Islands Institute has promoted Leslie Pelton to program director from program manager. Pelton will be responsible for daily operations of cultural and eco-tour packaged programs.

***

Alston Hunt Floyd & Ing has announced the following:

» Lawyer Blake Oshiro has been named as one of the Hawaii State Bar Association's Champions for Social Justice for 2010.

» Louise Ing was sworn in on Friday as 2011 as Hawaii State Bar Association president, as well as being recognized in Best Lawyers.






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