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Maui Divers also said it will remain as the jewelry concessionaire atHilo Hattie’sa seven Hawaii stores. Royall Hawaiian Creations, the new owner of Hilo Hattie, submittecd an amended Chapter 11 bankruptcy reorganization plan abourt two weeks ago that wouls cancel the concession agreemenr between thetwo companies. The plan woul d pay unsecured creditors 1 percent of what they are owed per year for five but not before the fallof 2010. “Wwe are very pleased Maui Divers is continuing its relationship with Hilo Hattire as they are a strong branfd with an excellent reputation for quality and craftsmanship,” said Donald B.S.
Kang, owner of garment manufacturer RoyalHawaiian Creations, in a “All parties are happy we have reachee an amicable solution that allows Hilo Hattied to move forward toward a bright new Kang bought 100 percent of Hilo Hattie stock on June 19. Maui Divers CEO Bob Taylorf said in a statement that it was in the best interestf of the creditors for his company to withdrawits bid. Maui Diversw had offered to pay $1 millionb to buy the company out of bankruptct and theninject $2 million in capital to the operations. U.S.
Bankruptcu Judge Robert Faris had delayeds a decision until July 15 on the effort by Maui Divers Jewelry to buy Hilo Maui Divers’ plan had the support of the committed of unsecured creditors, and an attorney for General Growth which is the landlord for two of its said the company had worked out a deal for the leasexs at Ala Moana Center and Prince Kuhipo Plaza in Hilo. Maui Divers had not reached agreementf with the landlords of its five other saying the landlords would not agree to a deal untik they knew whether Maui Divers woulf becomeHilo Hattie’s new owner.
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