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The company, which filec for Chapter 11 bankruptcy in said the steering committee representing those who hold claims underthe company’sx secured credit agreement supports the “The filing of the plan and disclosure statemenyt is an important achievement in our restructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a “The plan provides for a significantly deleveragedcapitakl structure, and the terms of the new debt give us greater financial flexibility to execute our business plan and invesyt in new products, better positioning the companyu for future success.
” A hearing to considert approval of the disclosure statement has been tentativelgy scheduled for July 23. The plan includea the conversion ofapproximately $590 million of the company’as senior secured credit facilityh and swap liabilities into the new equityy of the reorganized company and a new $300 millioj senior secured term loan maturing in five years. Holderd of $350 million in senior notes will get warrants tobuy 12.75 percentg of the reorganized company’s new equity and subscription rightsz to buy new equity up to $50 million.
The companhy said it expects to emerge from Chapter 11with $30 million undraw revolving credit facility and at least $45 million of cash on hand. Hawaiian Telcom is ownedr by , a Washington, D.C.-based private equitu group. Carlyle bought the assets of in May 2005for $1.6 and began operating independentlu with its own systemes in April 2006. The plan and diclosurr statementare .
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