BUSINESS BRIEFS
Kunia auction will end June 1
Advertiser Staff and News Services
Fresh Del Monte Produce (Hawaii) Inc. will auction off farm and office equipment from its shuttered Kunia pineapple operations.
The equipment will be available for viewing from 10 a.m. to 4 p.m. weekdays starting Monday and continuing through May 31 at 92-1770 Kunia Road.
The deadline for submitting offers is 4 p.m. June 1. Bids will be accepted on site or can be mailed or faxed to the company. The highest bidders will be notified by phone by June 8.
Among the items up for bid are sprayers, pickup and flatbed trucks, trailers, forklifts, harvesters, plows, irrigation systems, machine shop equipment and office items.
HAWTEL BONDS DOWNGRADED
Moody's Investors Service has downgraded Hawaiian Telcom Communications Inc. bonds, saying the company's ability to increase revenue and profit has been damaged by the customer service problems it had.
The ratings agency lowered ratings to B2 from B1 and assigned a Ba3 rating to proposed refinancing and new loans. It said the outlook for the rating was stable.
Moody's said the downgrade reflected its view that Hawaiian Telcom's system problems in 2006 weakened the company's long-term competitive position.
Because of that, "the company's ability to grow revenues and improve earnings and cash flow has been seriously damaged as a result of the relatively long stretch of very poor customer service," Moody's said.
INSURANCE AGENT FINED $20,000
The state has revoked the insurance license of Amy Pohaiokalani Fernandez and fined her $20,000 for allegedly stealing $11,737 in premiums from two policyholders.
Fernandez, who also goes by the names Amy Pohaiokalani Waikiki and Pohai Waikiki, had worked for Majestic Insurance Agency on Maui, which reported her actions to the state.
The state Insurance Division said Majestic worked with the policyholders, getting insurance for one, and returning money to the other. It also is assisting the state as it looks into other policies Fernandez sold.
"The state of Hawai'i will not tolerate licensees who abuse their privilege and take advantage of people," said state insurance commissioner J.P. Schmidt in a news release.
PAPAYA PROSPERS — UP 29 PERCENT
Hawai'i fresh papaya production rose 29 percent to an estimated 2.2 million pounds in April 2007, compared with April 2006, according to the National Agricultural Statistics Service.
The gain was attributed to favorable weather that encouraged flowering and fruit development.
Papaya growers are expected to get an estimated 48 cents a pound for fresh fruit in April. That's up 2 percent from the previous month, but 2 percent down from a year ago.
