Hawaii’s largest telephone company says it expects to emerge from bankruptcy in 30 days.Hawaiian Telcom made the statement Thursday when announcing its reorganization plan has been approved by the state Public Utilities Commission.

The company says it must now finalize agreements and documents that are necessary to exit Chapter 11. It filed for bankruptcy protection in December 2008.

In June 2009, Hawaiian Telcom filed a reorganization plan that it says reduced its debt from $1.1 billion to $300 million.

U.S. Bankruptcy Court orally confirmed the plan last November and issued its written confirmation Dec. 30.

An energy company on the Big Island will receive a $5 million loan guarantee from the federal government to help finish construction of a manufacturing plant in Kawaihae.The announcement was made Thursday in a Washington news release by Hawaii’s Democratic U.S. Sens. Daniel Inouye and Daniel Akaka.

Big Island Carbon’s $25 million plant will convert discarded macadamia nut shells into a product that can generate power, filter air and purify water.

Plans call for the company to buy about 10,000 tons of more than 20,000 tons of shells produced annually on the Big Island to convert into 1,000 tons of granular activated carbon.

Big Island Carbon will power its own operations. Any excess biofuel or gas will be sold on the island.

The Hawaii Department of Taxation says it has collected more than $100 million in taxes owed to the state through a delinquent tax collection program.The department applied computerized tracking technology to a database of businesses and individual tax filing records to identify companies and people who failed to file some or all of their required tax returns.

It carried out the program through a contract with CGI Technologies and Solutions.

http://www.staradvertiser.com/news/breaking/103554149.html

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Thank you Rob for this great update! 

This week…The federal reserve decided to leave the fed fund alone as we expected.  In addition, news came out last week that Chinese factories stepped up production in August, which helped ease concerns of a double-dip recession in US.  Good news for us but still not enough to get the economy back on track.  As a result, as indicated yesterday, there is some speculation that the Fed will start buying mortgage back securities again to keep rates down and stimulate the economy.  While interest rates went up almost 2 weeks in a row, they finally came back down as a result of yesterdays news. 
 

In addition…Please see this quarters newsletter I just finished to include today’s rates for your review.  For customized rate quote or to get in ready position to purchase or refi, please contact me.
 

Have a great week!
 

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