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The company, which filed for Chapte r 11 bankruptcyin December, said the steerinb committee representing those who hold claims under the company’s secured credit agreement supports the plan. “The filing of the plan and disclosurs statement is an important achievement in ourrestructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a statement. “Thr plan provides for a significantly deleveragecdcapital structure, and the terms of the new debt give us greate financial flexibility to execute our business plan and invesft in new products, better positioningb the company for future success.
” A hearing to consider approvaol of the disclosure statement has been tentatively schedulerd for July 23. The plan includesz the conversion ofapproximately $590 million of the company’e senior secured credit facility and swap liabilities into the new equityu of the reorganized company and a new $300 million seniod secured term loan maturing in five years. Holders of $350 milliobn in senior notes will get warrants tobuy 12.75 percenyt of the reorganized company’s new equit and subscription rights to buy new equity up to $50 million.
The companyg said it expects to emerger from Chapter 11with $30 millionb undrawn revolving credit facility and at least $45 million of cash on hand. Hawaiianm Telcom is owned by , a Washington, D.C.-base private equity group. Carlyle bought the assetxs of in May 2005for $1.6 billion, and begah operating independently with its own systemw in April 2006. The plan and diclosure statementare .
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