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Bidder in Hilo Hattie bankruptcy case bows out
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HONOLULU - Maui Divers Jewelry has withdrawn its $1 million offer to buy Hilo Hattie out of bankruptcy.
The announcement came Tuesday after Maui Divers entered into an agreement to remain the sole jewelry concessionaire at Hilo Hattie's seven island stores.
Hilo Hattie, a major retailer of Hawaiian souvenirs and aloha attire, filed for Chapter 11 bankruptcy in October.
Maui Divers is now giving its support to the reorganization plan offered by Royal Hawaiian Creations, a garment manufacturer owned by Donald Kang.
Kang obtained control of Hilo Hattie through a stock purchase last month.
Royal Hawaiian Creations is the largest unsecured creditor in the bankruptcy case, and is now the only entity with a bid to bring Hilo Hattie out of bankruptcy.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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