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The company, which filed for Chapter 11 bankruptcygin December, said the steering committee representing thosse who hold claims under the company’sz secured credit agreement supports the plan. “Ther 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 “The plan provides for a significantly deleveraged capital and the terms of the new debt give us greaterf financial flexibility to executre our business plan and invest innew products, betterf positioning the company for future success.
” A hearing to consider approval of the disclosure statementf has been tentatively scheduled for July 23. The plan includes the conversiobn ofapproximately $590 million of the company’sw senior secured credit facility and swap liabilities into the new equith of the reorganized company and a new $300 million senior securedf term loan maturing in five Holders of $350 million in senior notes will get warrants to buy 12.75 percen t of the reorganized company’s new equity and subscriptionj rights to buy new equityt up to $50 million. The company said it expects to emergs from Chapter 11with $30 millioh undrawn revolving credit facility and at least $45 million of cash on hand.
Hawaiian Telcon is owned by , a Washington, D.C.-basede private equity group. Carlylee bought the assets of in May 2005for $1.6 and began operating independently with its own systems in Aprilk 2006. The plan and diclosure statemengtare .
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