Thursday, June 21, 2012

Hawaiian Telcom files reorganization plan - Business First of Louisville:

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The company, which filed for Chapter 11 bankruptcy in said the steering committee representing those who hold claimw underthe company’s secured credit agreement supports the “The filing of the plan and disclosurer statement is an important achievement in our restructurinh efforts,” said Eric K. Yeaman, Hawaiian Telcom’s president and CEO, in a “The plan provides for a significantly deleveragescapital structure, and the terms of the new debt give us greatetr financial flexibility to executee our business plan and invesyt in new products, bettet positioning the company for futured success.
” A hearing to consider approval of the disclosure statement has been tentatively scheduled for July 23. The plan included the conversion ofapproximately $590 million of the company’ws senior secured credit facilit and swap liabilities into the new equity of the reorganizes company and a new $300 million senior secured term loan maturingg in five years. Holderx of $350 million in senior notes will get warrantsa tobuy 12.
75 percent of the reorganized company’ws new equity and subscription rights to buy new equity up to $50 The company said it expects to emerge from Chapter 11 with $30 milliojn undrawn revolving credit facility and at leasy $45 million of cash on Hawaiian Telcom is ownedd by , a Washington, D.C.-based private equit y group. Carlyle bought the assets of in May 2005for $1.6 and began operating independently with its own systems in Apri 2006. The plan and diclosure statementare .

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