Kaanapali Land reports Lahaina wildfire destroyed offices/coffee mill; $14.5M pension reversion net of $2.9M tax

KAANAPALI LAND LLC

Wildfire destroyed company's offices, coffee store building, and severely damaged personal property; no employee injuries; coffee processing disrupted for current year crop.
Received $1M insurance advance from carrier; no assurance of full coverage for structures, equipment, or lost revenue.
CWRM designated all six aquifer systems as Ground Water Management Areas; company applied for permits; wildfire may delay approval.
Development plans: 295-acre KCF Mauka (61 agricultural lots) awaiting final County approval; 241-acre Puukolii Village (940 units) fully entitled but wildfire may impact marketability.
Pension plan terminated; $14.5M reverted to company on Sept 15, 2023; $2.9M excise tax due Oct 2023; net cash available for working capital and development.

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