BUSINESS BRIEFS
General Growth gets loan extension
Advertiser Staff
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Shares of troubled mall operator General Growth Properties Inc. rose yesterday after the company agreed with lenders on a six-week extension on debt that had been scheduled to mature last week.
Shares rose 20 cents, or 30.8 percent, to close at 85 cents.
Chicago-based General Growth, whose Hawai'i properties include Ala Moana Center and Ward Centers, is saddled with debt it took on during the real-estate market's boom years when it aggressively bought up properties. Refinancing that debt has proven difficult amid the global credit crunch.
The loan totals were not disclosed in an announcement sent late Friday. The Wall Street Journal, citing people familiar with the talks, said they were for more than $4 billion.
GGP announced the agreement Friday night as a deadline on the loans was expiring. The new deadline is March 15.
BOH LISTED AMONG NATION'S TOP BANKS
A new report lists Bank of Hawaii Corp. as one of the nation's top performing banks.Bank Director magazine rated Bank of Hawaii No. 4 among the country's 150 largest banks and thrifts from the standpoint of profitability, asset quality and capital adequacy.
The report was conducted for the magazine by Sandler O'Neill & Partners L.P. and was based on financial reports between 2007 and 2008. The report said Bank of Hawaii has benefited from a healthy tourism industry, robust defense spending and the state's strong economic ties to Japan.
"They're well rounded and they've avoided a lot of the pitfalls that many other banks have stepped into," said Aaron Deer, a San Francisco-based banking analyst for Sandler O'Neill.
HAWAIIAN, 2 OTHERS SIGN E-TICKET DEAL
Hawaiian Airlines said it has signed an electronic ticketing agreement with Air France and Virgin Blue of Australia.Air France and Virgin Blue customers with flight connections on Hawaiian can now buy a single e-ticket that allows them to check in once at the originating airport, receive boarding passes at the departure gate of connecting trans-Pacific or interisland flights, and pick up their luggage at their final destination.
"As Hawaiian continues to reach out to more international travelers, these agreements will make the journey to Hawai'i much easier for our customers," said Rick Peterson, Hawaiian's vice president of marketing and sales.
BANKERS GROUP WARNS OF PHONE SCAM
The Hawaii Bankers Association is alerting the public of a phone scam targeting credit and debit cardholders.In the scheme, an automated recorded message identifies itself as calling from a local bank and asks the recipient to provide their credit or debit card number and personal identification number.
The association says the correct response to such a call is to hang up immediately.
If you have responded to a questionable phone call or e-mail, contact your bank's customer service department, whose numbers are also listed on the back of credit cards.
