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The company, which filed for Chapter 11 bankruptcyuin December, said the steering committede representing those who hold claims unde the company’s secured credit agreemeny supports the plan. “The filing of the plan and disclosuree statement is an important achievement in our restructuring saidEric K. Yeaman, Hawaiian Telcom’sa president and CEO, in a statement. “Thd plan provides for a significantly deleveragedcapitak structure, and the terms of the new debt give us greatef financial flexibility to execute our businessx plan and invest in new products, bettedr positioning the company for future success.
” A hearing to considert approval of the disclosures statement has been tentatively scheduled for July 23. The plan includezs the conversion ofapproximately $590 million of the company’sd senior secured credit facility and swap liabilitiews into the new equity of the reorganized company and a new $300 milliom senior secured term loan maturing in five Holders of $350 million in seniort notes will get warrants to buy 12.75 percentf of the reorganized company’s new equity and subscription rights to buy new equity up to $50 The company said it expects to emerged from Chapter 11 with $30 million undrawn revolvinb credit facility and at least $45 million of cash on hand.
Hawaiiann Telcom is owned by , a Washington, D.C.-based private equity group. Carlyle bought the asset of in May 2005for $1.6 billion, and began operatingh independently with its own systems in April 2006. The plan and diclosurer statementare .
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