EXHIBIT 99.1
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    PRESS RELEASE--ISSUED BY AMFAC HAWAII, LLC ON FEBRUARY 27, 2002


     Today Amfac Hawaii, LLC and certain of its subsidiaries filed for
protection under Chapter 11 of the United States Bankruptcy Code.  Gary
Nickele, the President of Amfac Hawaii indicated that "the filing was
necessary in order to address liquidity issues primarily related to
unmanageable debt service obligations.  The Company and its subsidiaries
will continue operations during bankruptcy and expect to emerge from
bankruptcy protection with several months."

     Nickele went on to say that "much of the Company's current financial
difficulties result from its agricultural operations, which have lost
approximately $120 million since 1989.  We attempted to make the
agricultural operations work in spite of insurmountable hurdles relating to
commodity prices and high local operating costs.  We knew how important
agriculture was to Hawaii's economy and how vital it was to attempt to
protect agricultural jobs in the islands.  We continued operations as long
as we could, but we just could not overcome regulated commodity prices and
very high labor costs relative to our competitors in third world countries.

The other significant business segment of our company, the land development
business, involves a government entitlement process that is extremely
complex, comprised of numerous constituencies and takes a great deal of
time.  This placed additional financial strains on our organization."

     Prior to today's filing, the Company and its secured creditors
engaged in extensive negotiations with the indenture trustee representing
approximately $140 million of outstanding unsecured indebtedness.  The
Company intends to promptly file a plan of reorganization based on the
results of those negotiations.  In general, the anticipated plan of
reorganization proposes that significantly all of the Company's debt will
be converted into equity.  If the proposed plan is approved, the Company
will emerge from the reorganization proceedings with a significantly
improved balance sheet and cash flow situation.  This will enable the
Company to focus its future business on its Kaanapali 2020 development
plan, golf course operations and strategic land sales.

     The Company's operations have been significantly downsized during the
past several years with the closure of the Oahu, Pioneer, Kekaha and Lihue
sugar plantations and certain diversified agricultural operations.  These
closures have been accompanied by significant overhead reductions.  The
Company, which as recently as 1996 employed almost 1000 people, currently
employs approximately 135 individuals.  Nickele emphasized that "the
anticipated plan does not currently call for any significant reduction in
the work force other than personnel associated with the shutdown of the
Kauai power plant, scheduled for the fourth quarter of this year.  We also
intend to continue paying all normal wages and benefits to our employees
during the bankruptcy proceedings."

     The related companies that own the Waikele Golf Course on Oahu and
the two Royal Kaanapali Golf Courses on Maui are not parties to this
filing.