Note 5 - Assets Held for Sale

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]

5 . ASSETS HELD FOR SALE

Assets held for sale at

June 30, 2020

and

December 31, 2019

consisted of the following:

	June 30,		December 31,
	2020		2019
	(unaudited)		(audited)
	(in thousands)
Kapalua Resort, 46-acre Kapalua Central Resort project	$	2,956	$	2,938
Kapalua Resort, Kapalua Water and Kapalua Waste Treatment Company assets		4,503		4,503
Upcountry Maui, 630-acre parcel of agricultural land		156		156
	$	7,615	$	7,597

In

February 2020,

the Company entered into an agreement to sell the Kapalua Central Resort project for

$43.9

million. The closing of the transaction is contingent upon, among other things, the satisfaction of certain customary closing conditions, including a due diligence period. Due to the State of Hawaii's COVID-

19

restrictions, such as a

14

-day self-quarantine for transpacific travelers, the due diligence period was extended, ending

four

months after travel restrictions are lifted. The closing date of the sale is

30

days after the last day of the due diligence period.

In

December 2019,

the Company entered into an Asset Purchase Agreement to sell the PUC-regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort. The sale is subject to certain closing conditions, including completion of due diligence and PUC approval. These assets are used by Kapalua Water Company and Kapalua Waste Treatment Company to provide water and sewage transmission services for the Kapalua Resort. Results of discontinued operations related to the sale of the Kapalua Water Company and Kapalua Waste Treatment Company assets are reflected in Note

13.

The above assets held for sale have

not

been pledged as collateral under the Company's credit facility.