General Growth Properties Inc., the mall owner that filed the biggest real-estate bankruptcy in U.S. history, will receive "debtor-in-possession" financing from Farallon Capital Management LLC, said William Ackman, whose company had competed with Farallon to provide the loan.

General Growth is a major owner and operator of malls in Hawai'i.

The loan offered by Farallon doesn't include any warrants, while Pershing Square's offer would have given it warrants to buy 4.9 percent of General Growth's new equity when it emerges from bankruptcy. Ackman, whose firm owns about 25 percent of General Growth, said he's pleased with the Farallon loan because it provided the mall owner the best terms, even if it means Pershing Square didn't get to provide the loan.

HAWAIIAN NO. 1 FOR ON-TIME FLIGHTS

Hawaiian Airlines was the nation's top-rated carrier in March for punctuality and fewest flight cancellations, according to a report from the U.S. Department of Transportation.

Hawaiian's 91.5 percent on-time performance in March was 13.1 percentage points above the industry average of 78.4 percent. Of the 6,137 fights flown by Hawaiian, only 15 were canceled, or 0.1 percent of the total. The industry cancellation rate averaged 2.1 percent.

ELECTRIC-CAR BATTERY SWAP UNVEILED

A firm seeking to set up a $1 billion statewide charging network for electric cars in Hawai'i demonstrated its battery-switching technology today in Yokohama, Japan.

California-based Better Place used a modified Nissan electric crossover SUV to demonstrate how to switch a depleted battery for a fully charged one. The company also demonstrated its technology for charging a fixed-battery electric car.

Better Place last fall signed an agreement with Hawaiian Electric Co. to make such service possible as early as 2011.