#11264580 v3
IN THE UNITED STATES BANKRUPTCY COURTFOR THE DISTRICT OF DELAWARE
In re:HSF HOLDING, INC.,
et al.
,
1
Debtors.Chapter 11Case No. 09-11901 (PJW)Jointly Administered
Voting Deadline: October 14, 2009 at 4:00 p.m. ESTObjection Deadline: October 14, 2009 at 4:00 p.m. ESTConfirmation Hearing: October 21, 2009 at 2:00 pm EST
AMENDED DISCLOSURE STATEMENT REGARDING DEBTORS’ AMENDEDJOINT PLAN OF LIQUIDATION UNDER CHAPTER 11 OF THEBANKRUPTCY CODE
Dated: September 11, 2009David B. Stratton (DE No. 960)Evelyn J. Meltzer (DE No. 4581)PEPPER HAMILTON LLPHercules Plaza, Suite 51001313 Market StreetP.O. Box 1709Wilmington, DE 19899-1709Telephone: (302) 777-6500Facsimile: (302) 421-8390Leon R. Barson, Esq.PEPPER HAMILTON LLP3000 Two Logan SquareEighteenth and Arch StreetsPhiladelphia, PA 19103-2799Telephone: (215) 981-4000Facsimile: (215) 981-4750
Counsel to Debtors and Debtors in Possession
1
The Debtors are the following entities (last four digits of EIN in parentheses): (i) HSF Holding, Inc., aDelaware corporation (9413) and (ii) Hawaii Superferry, Inc., a Hawaii corporation (2152). The mailing address forboth Debtors is Pier 19 Ferry Terminal, Honolulu, HI 96817.
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TABLE OF CONTENTS
I. INTRODUCTION.........................................................................................................1II. A BRIEF OVERVIEW OF CHAPTER 11....................................................................2III. VOTING AND CONFIRMATION OF THE PLAN....................................................4A. Voting and Ballots.........................................................................................................4B. Confirmation Hearing....................................................................................................5IV. RECOMMENDATION.................................................................................................6V. IMPORTANT CONSIDERATIONS AND RISK FACTORS......................................7A. Read this Disclosure Statement and the Plan Carefully................................................7B. The Debtors Have No Duty to Update...........................................................................7C. No Representations Outside the Disclosure Statement are Authorized.........................7D. All Information was Provided by the Debtors, and was Relied Upon by Professionals7E. Projections and Other Forward Looking Statements are Not Assured, and ActualResults May Vary..........................................................................................................8F. This Disclosure Statement was Not Approved by the Securities and ExchangeCommission...................................................................................................................8G. No Legal or Tax Advice is Provided to You by this Disclosure Statement..................8H. No Admissions Made.....................................................................................................9I. No Waiver of Right to Object or Right to Recover Transfers and Estate Assets..........9J. Certain Risk Factors.......................................................................................................9K. Bankruptcy Law Risks and Considerations...................................................................91.
Confirmation of the Plan is Not Assured
........................................................................92.
The Effective Date Might Be Delayed or Never Occur
...................................................93.
Projections
....................................................................................................................104.
Tax Considerations
.......................................................................................................10VI. HISTORICAL INFORMATION.................................................................................10A. Company Organization and Structure..........................................................................10B. The Debtors’ Capital and Equity Structure..................................................................11C. The Consulting Agreement and Fee Agreement..........................................................14D. Pre-Petition Sale of Assets...........................................................................................14
-ii-E. Events Leading to Chapter 11......................................................................................141.
Adverse Court Rulings
..................................................................................................142.
Other External Factors
.................................................................................................15VII. THE CHAPTER 11 CASES........................................................................................16A. First Day Motions........................................................................................................16B. Additional Material Motions Filed in the Chapter 11 Cases.......................................171.
Abandonment of Debtors’ Estates’ Interest in Two High Speed Ferries
......................172.
Abandonment of Debtors’ Estates’ Interest in a Spare Main Engine
...........................173.
Guggenheim Motions
....................................................................................................18a. Escrow Funds Motion...............................................................................................18b. Motion to Dismiss.....................................................................................................18c. Committee Standing Motion.....................................................................................18d. Rule 2004 Motion.....................................................................................................18e. Guggenheim Settlement Stipulation.........................................................................194.
Motion to Transfer Venue
.............................................................................................195.
Sale of Two Vans
...........................................................................................................19C. The Debtors’ Professionals..........................................................................................19D. The Committee............................................................................................................20E. Claims Administration.................................................................................................201.
Filing of Schedules
........................................................................................................202.
Meeting of Creditors
.....................................................................................................203.
Bar Date for Prepetition Claims
...................................................................................21F. Causes of Action Arising Under Chapter 5 of the Bankruptcy Code..........................21G. Exclusivity...................................................................................................................21H. Removal.......................................................................................................................22I. Leases and Executory Contracts..................................................................................221.
Non-Residential Real Property Leases
.........................................................................222.
Contracts
.......................................................................................................................22VIII. SUMMARY OF THE PLAN......................................................................................23A. General.........................................................................................................................23B. Plan Overview..............................................................................................................23
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