Canadian group buys Kapolei links
Kapolei Golf Course is being sold for an undisclosed price to a Canadian investment group that formed Hawaiian Golf Properties LLC to make the purchase.
The new owner is expected to rehire a majority of the 116 people who are being laid off, according to a filing yesterday with the state Department of Labor and Industrial Relations.
The sale is due to close Sept. 10, according to the filing.
Hawaiian tops again in punctuality
Hawaiian Airlines led the nation in May in both on-time performance and fewest flight cancellations, marking the eighth straight month the carrier has been on top in both those categories.
The airline was punctual on 94.3 percent of its flights and had only one cancellation out of 5,511 flights.
Hawaiian also ranked second nationally for fewest misplaced bags with 1.82 mishandled baggage reports for every 1,000 passengers served.
Gotbaum named pension director
Joshua Gotbaum, who led Hawaiian Airlines out of a 26-month Chapter 11 bankruptcy in June 2005 with a 100 percent return to the company’s creditors, was named by President Barack Obama as director of the Pension Benefit Guaranty Corp., a federal agency that protects pension benefits. Gotbaum is currently an operating partner at New York-based private equity firm Blue Wolf Capital.
Central Pacific signs regulatory pact
Central Pacific Financial Corp., which is seeking to improve its capital ratios, has entered into a written agreement with the Federal Reserve Bank of San Francisco and Hawaii Division of Financial Institutions formalizing a memorandum of understanding that has been in place since April 2009.
The holding company for the state’s fourth-largest bank said yesterday it has 60 days to submit an acceptable capital plan and cash-flow projections to the two agencies. The plan is similar to one it submitted earlier this year to the Federal Deposit Insurance Corp. and the Division of Financial Institutions after entering into a consent order with those two agencies.
Under the formalized agreement, the holding company must obtain both federal and state regulatory approvals to pay dividends, receive payments that represent a reduction in capital from bank subsidiary Central Pacific, pay subordinated debts or trust preferred securities, incur additional debt and buy back its stock.
Central Pacific also said Chairman John Dean will go on an investor road show next week to meet with private-equity investors in an attempt to raise capital.
Mortgage rates hit new low of 4.57%
NEW YORK » Mortgage rates fell for the second straight week to the lowest point in five decades. The average rate on a 30-year fixed mortgage dropped to 4.57 percent this week, mortgage company Freddie Mac reported yesterday. That’s down from the previous record low of 4.58 percent set last week. It’s the lowest since Freddie Mac began tracking rates in 1971.
Rates have fallen over the past two months as investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds and caused yields to decline. Mortgage rates tend to track yields on long-term Treasurys.
The fixed rates on 15-year mortgages increased to an average of 4.07 percent, up from 4.04 percent last week. That was the lowest on records dating to September 1991. Average rates on one-year adjustable-rate mortgages fell to 3.75 percent from 3.80 percent.
ON THE MOVE
The Beach House Restaurant in Poipu, Kauai, has appointed Tim Obert as managing partner. His experience includes work as vice president of revenue management with Hyatt Corporate offices and general manager for Hyatt properties in Chicago, Dulles and Boston as well as work at the Hyatt Regency Waikiki and the Grand Hyatt Wailea in the early 1990s.
Sopogy has appointed Michael P. Loo as its new chief financial officer. He has 24 years of corporate financial management and public accounting experience, including as vice president for finance and administration at Kamehameha Schools.
Bella Pietra has named Aolani Esene as purchasing and outside sales manager from human resources and payroll manager. Her experience includes administrative assistant with the company.
The Association of Records Managers and Administrations Hawaii Chapter have elected the following officers for 2010-11: Wendell Elento, president; Tracie Mukai, vice president; Pam Cabral, secretary; and Rosalie Brissette, treasurer. Directors are Blake Kiyabu, Kimberley Manning, Chris Harris and Gwen Massiah. Debra Musgrove is immediate past president.