{"id":2471,"date":"2009-05-30T16:02:40","date_gmt":"2009-05-31T00:32:40","guid":{"rendered":"http:\/\/www.dmzhawaii.org\/?p=2471"},"modified":"2009-05-30T16:30:21","modified_gmt":"2009-05-31T01:00:21","slug":"hawaii-superferry-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.dmzhawaii.org\/?p=2471","title":{"rendered":"Hawaii Superferry files for Bankruptcy"},"content":{"rendered":"

The Hawaii Superferry is not coming back to Hawai’i.\u00a0 Now it will be interesting to see who buys the two high speed ferries.\u00a0\u00a0\u00a0 This is a David vs. Goliath story of communities resisting powerful corporate, military and political forces and with the help of an honest court, winning!\u00a0\u00a0 See this article <\/a>by Jerry Mander and Koohan Paik for more on the military ties to the Superferry and the heroic struggle to stop it.<\/p>\n

Hawaii Superferry Files for Bankruptcy Protection<\/h2>\n

(Update1)<\/p>\n

By Bob Van Voris<\/p>\n

May 30 (Bloomberg) — Hawaii Superferry Inc., which provided high-speed ferry service for cars and passengers between Hawaii’s Oahu and Maui islands, filed for bankruptcy protection today.<\/p>\n

Hawaii Superferry and parent HSF Holding Inc. filed Chapter 11 bankruptcy petitions in Wilmington, Delaware. They cited a Hawaii Supreme Court ruling in March that struck down a state law permitting the company to operate before completing an environmental impact statement.<\/p>\n

Tom Fargo, Hawaii Superferry’s president and chief executive officer, said in a statement at the time that completing an environmental impact statement could take a year. As a result of the decision, ferry service was immediately shut down and the company’s two high-speed ferries docked in Mobile, Alabama.<\/p>\n

The company, which reported more than $100 million in assets and debts in its bankruptcy petition, said it will use the bankruptcy to close its business completely and liquidate the operation.<\/p>\n

Hawaii Superferry was formed in 2002 to provide high-speed ferry service among the four main Hawaiian islands of Oahu, Maui, Hawaii and Kauai. The company began carrying passengers in August 2007 on the Alakai, an aluminum-hulled catamaran that carried as many as 866 people and 282 cars, according to court papers in the bankruptcy case.<\/p>\n

Decline in Tourism<\/strong><\/p>\n

The law struck down by the Hawaii Supreme Court was enacted in November 2007 to permit the ferry to keep operating despite a series of successful state court legal challenges, Hawaii Superferry said in a court filing. The high court ruled that the law was intended specifically to benefit the company, in violation of the state constitution.<\/p>\n

In addition to the court decision, Hawaii Superferry said its business was hurt by a decline in tourism, a 2008 increase in fuel prices and a price war between airlines that provided inter-island service in Hawaii.<\/p>\n

The case is: In re HSF Holding Inc., No. 09-11901, U.S. Bankruptcy Court, District of Delaware (Wilmington).<\/p>\n

To contact the reporter on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net <\/em><\/p>\n

Source: http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=aG5jmmubowI0&refer=home<\/p>\n","protected":false},"excerpt":{"rendered":"

The Hawaii Superferry is not coming back to Hawai’i.\u00a0 Now it will be interesting to see who buys the two high speed ferries.\u00a0\u00a0\u00a0 This is a David vs. Goliath story of communities resisting powerful corporate, military and political forces and with the help of an honest court, winning!\u00a0\u00a0 See this article by Jerry Mander and … <\/p>\n

Continue reading “Hawaii Superferry files for Bankruptcy”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[2409],"class_list":["post-2471","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-movements-resistance"],"_links":{"self":[{"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=\/wp\/v2\/posts\/2471"}],"collection":[{"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2471"}],"version-history":[{"count":4,"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=\/wp\/v2\/posts\/2471\/revisions"}],"predecessor-version":[{"id":2474,"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=\/wp\/v2\/posts\/2471\/revisions\/2474"}],"wp:attachment":[{"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dmzhawaii.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}