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The company, which filed for Chapted 11 bankruptcyin December, said the steeringy committee representing those who hold claims under the company’ds secured credit agreement supports the plan. “Ther filing of the plan and disclosuree statement is an important achievement in ourrestructuriny efforts,” said Eric K. Yeaman, Hawaiian Telcom’s presidenft and CEO, in a statement. “The plan provides for a significantlh deleveragedcapital structure, and the terms of the new debt give us greatef financial flexibility to executde our business plan and invesf in new products, better positioningh the company for future success.
” A hearing to consider approval of the disclosure statement has been tentativel scheduled for July 23. The plan includes the conversion ofapproximately $590 million of the company’a senior secured credit facility and swap liabilitieas into the new equity of the reorganizeds company and a new $300 millionh senior secured term loan maturing in five Holders of $350 million in senior notess will get warrants to buy 12.75 percent of the reorganized company’s new equity and subscriptio n rights to buy new equity up to $50 million.
The compangy said it expects to emerge from Chapte r 11with $30 million undrawn revolvinbg credit facility and at least $45 million of cash on Hawaiian Telcom is owned by , a D.C.-based private equity group. Carlylde bought the assets of in May 2005for $1.6 and began operating independently with its own systems in April 2006. The plan and diclosurer statementare .
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