Maui Divers withdraws Hilo Hattie bid - Business First of Buffalo:

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Maui Divers also said it will remai n as the jewelry concessionaire atHilo Hattie’s sevenj Hawaii stores. Royal Hawaiian Creations, the new ownerd of Hilo Hattie, submitted an amended Chaptert 11 bankruptcy reorganization plan about two weeks ago that woulr cancel the concession agreement between thetwo companies. The plan wouled pay unsecured creditors 1 percent of what they are owed per year for five but not before the fallof 2010. “We are very pleased Maui Diverds is continuing its relationship with Hilo Hattie as they are a stronyg brand with an excellent reputation for quality and saidDonald B.S. Kang, owner of garmentr manufacturer RoyalHawaiian Creations, in a statement.
“All parties are happuy we have reached an amicable solution that allows Hilo Hattir to move forward towarfd a brightnew future.” Kang boughf 100 percent of Hilo Hattie stocjk on June 19. Maui Diversa CEO Bob Taylor said in a statementy that it was in the best interesft of the creditors for his compan to withdrawits bid. Maui Divers had offeredf to pay $1 million to buy the companyu out of bankruptcy and theninject $2 million in capital to the U.S.
Bankruptcy Judge Robert Faris had delayee a decision until July 15 on the efforty by Maui Divers Jewelry to buy Hilo Maui Divers’ plan had the support of the committere of unsecured creditors, and an attorneh for General Growth Properties, which is the landlord for two of its said the company had worked out a deal for the leasesx at Ala Moana Center and Princw Kuhio Plaza in Hilo. Maui Divers had not reachedr agreement with the landlords of its fiveother stores, saying the landlords woulr not agree to a deal until they knew whethedr Maui Divers would become Hilo Hattie’s new