Monday, January 30, 2023
Hawai'i Free Press

Current Articles | Archives

Monday, August 19, 2013
Investors Submit Plan to Reorganize Hokulia Project
By News Release @ 11:47 AM :: 7148 Views :: Hawaii County , Development, Greenmail

News Release from Sun Kona Finance I LLC

Sun Kona Finance I LLC, the investment firm that acquired Bank of Scotland’s loans to the long‐stalled Hokulia project and debtors 1250 Oceanside Partners, Pacific Star Company LLC, and Front Nine, have submitted a joint consolidated plan of reorganization under Chapter 11 to the U.S. Bankruptcy Court in Hawaii.

A hearing on the plan’s disclosure statement has been scheduled for Sept. 16, 2013. The debtor entities have $68 million in assets but corresponding liabilities of $646 million.

Sun Kona Finance I LLC acquired Bank of Scotland’s loans late last year and replaced the New York restructuring firm of Marotta Gund Budd & Dzera.

Craig Pickett was installed by Sun Kona Finance I LLC to manage the debtor entities. In order to resolve secured and unsecured debt in accordance with the Bankruptcy Code, 1250 Oceanside and its affiliates commenced Chapter 11 bankruptcy proceedings in March 2013.

In May, the Bankruptcy Court authorized the debtors to appoint G. Rick Robinson, a long‐time Kona resident, as chief restructuring officer. Robinson has been actively involved in the development of the plan.

The proposed reorganization plan would allow the stalled Hokulia project to proceed and permit the respective creditors to receive payment in excess of the liquidation value of their claims.

“We have a restructuring plan and financing in place that, once approved by the Court, will transform Hokulia,” Pickett said. “We are anxious to move forward with development and completion of the project. We also are keenly aware of the importance of the Mamalahoa Bypass Highway to the Kona community and our plan will address Oceanside’s $20 million obligation to the county, assuring the availability of these funds to complete the highway.”

“The development, cultural and community plan submitted with the reorganization plan affirms the historical and cultural significance of these lands,” Robinson said. “The plan addresses the protection of cultural and historic sites, access rights of lineal and cultural descendants, the establishment of agricultural and cultural preserves and the importance of working collaboratively with Hawaii’s State Historic Preservation Division, descendants and others.”

West Hawaii’s community needs are also addressed within the development, cultural and community plan.

“Sun Kona is embarking on a new beginning at Hokulia,” Pickett said. “In addition to $20 million for completion of the Mamalahoa Bypass Highway, the restructuring plan also includes community contributions of well over $1.5 million to assist with construction of affordable housing, drug abuse prevention and scholarship initiatives.”

The plan also calls for Sun Kona Finance I LLC to fund a $65 million line‐of‐credit exit loan to cover the debtors’ obligations to their creditors under the plan and to cover operating shortfalls moving forward.

Sun Kona Venture LLC, the entity that controls Sun Kona Finance I LLC, is owned by two prominent investors, William A. Pope, owner and president of SunChase Holdings and Samuel Robson (Rob) Walton, through one of his entities, Lake Avenue Investments, LLC. Walton is the chairman of the board of directors of Walmart.

SunChase Holdings, Inc. has invested, traded and operated extensive real estate holdings and has provided business capital to companies for more than 20 years. SunChase has an extensive history of managing distressed real estate assets and loans both for itself and for third parties.

The majority of SunChase projects are owned by the company; however certain of the projects include third party investors.

---30---

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT