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.
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.
The company, which reported more than $100 million in assets and debts
in its bankruptcy petition, said it will use the bankruptcy to shut down its business
and liquidate the company.
The case is: In re HSF Holding Inc., No. 09-11901, U.S. Bankruptcy Court,
District of Delaware (Wilmington).
HONOLULU ADVERTISER
Updated at 2:46 p.m., Saturday, May 30, 2009
Hawaii Superferry files for bankruptcy
By Bob Van Voris Bloomberg News Service
Hawaii Superferry Inc., which provided high-speed ferry service for carsand passengers between
Oahu and Maui, filed for bankruptcy protection today. Hawaii Superferry and parent HSF Holding Inc. filed Chapter 11 bankruptcy petitions in
Wilmington, Del. 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.
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.
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. 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.
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.
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.
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