ABC’s short-lived ‘The River’ runs dry

As expected, ABC this week canceled the horror series

it shot in Hawaii, leaving the characters of “The River” stranded in the Amazon jungle of their TV world.

The eight-episode series, shot in Kahana and Waimea valleys, averaged 5.1 million viewers, according to Nielsen numbers released by the network. Its season finale drew a low of 3.9 million viewers.

“The River” followed the search for missing explorer/TV show host Emmet Cole, who was played by Bruce Greenwood. It was told in the reality show style of “found footage,” or what the show said each week was the footage the rescue crew “left behind.”

Pacific Office Properties trims its losses

The owner of several Honolulu office buildings, Pacific Office Properties Trust Inc., narrowed a net loss in the first quarter amid efforts to sell assets and sustain the 4-year-old company.

The Honolulu-based firm lost $1.6 million in the January-to-March period, which was an improvement from a

$5.4 million loss in the same period last year, Pacific Office said in a quarterly financial report filed with the federal Securities and Exchange Commission.

Results in the quarter weren’t easily comparable from a year earlier because the company sold stakes in two office properties to investors last year to raise cash.

Pacific Office also realized a $2.3 million gain in the recent quarter after a lender repossessed a San Diego property through foreclosure in January. The gain was produced because Pacific Office had written down the value of the property last year to an amount that was less than the debt relieved by the foreclosure.

Pacific Office owns five Honolulu properties by itself — Waterfront Plaza, Davies Pacific Center, First Insurance Center, the Pan Am Building and Clifford Center. The company also owns partial stakes with partners in 17 other properties in California, Arizona and Hawaii, including Bank of Hawaii Waikiki Center.

Hawaiian sponsors prestigious canoe race

Hawaiian Airlines, which begins nonstop daily service to John F. Kennedy International Airport in New York on June 4, said Wednesday it will become the title sponsor of an outrigger canoe race in New York for the next three years.

The 2012 Hawaiian Airlines Liberty Challenge, hosted by New York Outrigger, will be held on June 23.

The event is one of the most prestigious long-distance outrigger canoe races in the world, drawing more than 300 world-class international athletes to compete in New York City Harbor in front of thousands of spectators.

Central Pacific earns ratings upgrade

Fitch Ratings has upgraded the long-term issuer default rating of holding company Central Pacific Financial Corp. and subsidiary Central Pacific Bank to “BB-” from “B+” due to solid capital levels for its rating, improving asset quality trends and a resilient local economy. The rating outlook is “stable.”

The agency said the company’s ratings upgrade reflects sustained enhanced capital levels that help to mitigate declining but still elevated nonperforming assets, which are loans that are 90 days or more past due and not accruing interest.

Fitch said the bank’s earnings — five consecutive profitable quarters — have improved but remain weak and that earnings have been augmented during that period by credit loss provisions for potential loan losses that weren’t needed and were returned to the income statement.

ON THE MOVE:

Central Pacific Bank has promoted:

» Linda Virtudes to vice president and district manager of the West Oahu region. She was previously manager of CPB’s Beretania Street branch.

» Rachel Cunningham to vice president and district manager of the East Oahu region. She was previously manager of CPB’s Keeaumoku Street branch.

Coldwell Banker Pacific Properties has announced that Janine Chang has rejoined the firm’s Kahala office. She was previously a Realtor associate at Distinctive Homes Hawaii. Chang first joined Coldwell Banker in January 2007.

SHIFTING GEARS

Servco adds 2 to marketing team

Servco Automotive has promoted Shara Correa to senior marketing specialist and has hired Kayla Marie Aboy as marketing assistant.

Correa began her Servco career as a marketing assistant in 2009. In her new position she will assist in planning and implementation of promotions and partnerships for the company’s Toyota, Lexus,

Subaru and Suzuki brands.

Aboy will assist in the planning and execution of Servco marketing efforts, including advertising, public relations and events, with a primary focus on the company’s Lexus and Scion brands. Aboy had previously served as an administrative assistant for sales and marketing at Starwood Hotels & Resorts Hawaii.

Ford adds Virginia to Windstar recall

DETROIT >> Ford Motor Co. has added 27,000 Windstar minivans from Virginia to a larger recall because the rear axles can crack and fail.

The vans are now part of an August 2010 recall of more than 600,000 Windstars in the U.S. and Canada from the 1998 through 2003 model years.

Ford said at the time that the vans were sold in states where salt is used to clear the roads. Over time, the salt can cause the axles to rust, crack and even break, causing a driver to lose control.