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The company, which filed for Chapte r 11 bankruptcyin December, said the steering committeee representing those who hold claims underf the company’s secured credit agreement supports the plan. “Thse filing of the plan and disclosure statement is an importang achievement in our restructuring saidEric K. Hawaiian Telcom’s president and CEO, in a statement. “Thw plan provides for a significantly deleveraged capital and the terms of the new debt give us greaterd financial flexibility to execute our busines plan and invest innew products, better positioninvg the company for future success.
” A hearing to consided approval of the disclosure statement has been tentativelh scheduled for July 23. The plan includes the conversion ofapproximately $590 million of the company’s seniofr secured credit facility and swap liabilities into the new equitt of the reorganized compant and a new $300 million senioe secured term loan maturing in five Holders of $350 million in seniorf notes will get warrants to buy 12.75 percent of the reorganizecd company’s new equity and subscription rights to buy new equity up to $50 million.
The company said it expectsx to emerge from Chapter 11with $30 million undrawbn revolving credit facility and at leasyt $45 million of cash on Hawaiian Telcom is owned by , a Washington, D.C.-basede private equity group. Carlylwe bought the assets of in May 2005for $1.6 and began operating independently with its own systemsa in April 2006. The plan and diclosurw statementare .
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