Aloha Tower complex to be sold

January 21, 2005

Honolulu: The Aloha Tower complex May be Sold to Mortgage Holder

The Aloha Tower Market Place is in negotiations to sell the retail and restaurant complex to its mortgage holder AHI Aloha LP for $25 million. The action would end the three year period that the complex has been in bankruptcy and pay about half what is owed to the creditors. The State has not approved the plan, but is considering it.

Currently AHI Aloha LP is owed about $83 million and there are unsecured creditors totally $380,000.

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