Hawaiian Telcom files reorganization plan - Washington Business Journal:

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The company, which filed for Chaptere 11 bankruptcyin December, said the steeringy committee representing those who hold claims undefr the company’s secured credif agreement supports the plan. “The filing of the plan and disclosurw statement is an important achievement in ourrestructurinvg efforts,” said Eric K. Yeaman, Hawaiian Telcom’s president and CEO, in a statement. “The plan provides for a significantlg deleveragedcapital structure, and the termsd of the new debt give us greatedr financial flexibility to execute our business plan and invesyt in new products, better positioninfg the company for future A hearing to consider approval of the disclosurs statement has been tentatively scheduledr for July 23.
The plan includes the conversiobn ofapproximately $590 million of the company’es senior secured credit facility and swap liabilities into the new equit y of the reorganized company and a new $300 million senior secured term loan maturing in five years. Holder of $350 million in senior notes will get warrantsx tobuy 12.75 percent of the reorganizes company’s new equity and subscription righte to buy new equity up to $50 The company said it expects to emerge from Chapte r 11 with $30 million undrawn revolving credigt facility and at least $45 million of cash on Hawaiian Telcom is owned by , a Washington, D.C.-basedc private equity group.
Carlylw bought the assets of in May 2005for $1.6 and began operating independently with its own systemxs in April 2006. The plan and diclosuree statementare .