As any more evidence of the ongoing economic downturn was needed, the large, Hawaii-based tourism retail firm Hilo Hattie has filed Chapter 11 bankruptcy status while owing their creditors as much as $1.3 million US, according to Bob Taylor, who is the president and Chief Financial Officer of Maui Divers Jewelry. That corporation, by the way, has a vested interest in the souvenirs and aloha attire retailer.
All in all, the Hilo Hattie’s 7 outlets have Maui Divers Jewery items carried in their stores which account for about twenty percent of their overall jewelry sales. He also said that the company is an integral part of their market that they do not wish to lose from the 7 outlets.While the corporation does not focus on bling bling jewelry items like 10k gold chain, gold franco chain and the like, they docarry items like breitling watch, freeze watch and so forth.
Apparently Maui Divers wants to rehire the majority of Hilo Hattie workers while also holding onto the majority of their vendors. They plan to put around 2 million dollars into operating the retail stores and in merchandise.
There is a June 22nd court date to decide if Hilo Hattie will be liquidated or if an independent management trustee can assume control of the company.
According to the Hilo Hattie attorney Chuck Choi, the offer by Maui Divers will not satisfy all of the outstanding creditors including $800,000 that is owed in rent to the Harry and Jeanette Weinberg Foundation and a $700,000 mortgage that is owed to Central Pacific Bank.
House Speaker Nancy Pelosi has said that the U.S. Congress or the executive branch should step in and prevent the automotive industry from filing for bankruptcy protection. In a press affair in the nation’s capital at Washington DC, Pelosi was quoted as stating that everyone “is disadvantaged by bankruptcy, including our economy, so that’s not an option.” She was speaking of the current automotive industry crises which has affected places like Detroit and Flint, Michigan so prfoundly…… The laws support this.
It is widely thought that Congress will approve new loans for the big three automobile manufacturers and that the funds in question will come from the seven hundred billion bail out plan the Congress approved in the previous month month. Furthermore, Senate Majority Leader Harry Reid went on to state the following: “We’re looking to make sure we do everything we can to take care of the auto industry, if in fact it’s viable.”
All in all, the country’s auto producers submitted their particular plans to Washington essentially spelling out what their plans are to achieve overall financial stability and therefore help to ward off bankruptcy have appeared before lawmakers. By the way if you need some help pertaining to washington bankruptcy laws then might I recommend Jason Newcombe as he is one of the top washington bankruptcy laws specialists out there and can assist with a broad variety of different cases. He is based in the Seattle and greater Puget Sound area. He also happens to do auto crash and even criminal related cases.
According to media reports, Ford Motor Company is asking Congress for a credit line of up to nine million. In addition, GM is asking for up to $18 million in credit and Chrysler LLC is asking for a $7 million bridge loan.
