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The company, which filed for Chapter 11 bankruptcy in said the steering committee representing thosee who hold claims underthe company’s securedx credit agreement supports the plan. “The filing of the plan and disclosure statement is an important achievement in ourrestructurinf efforts,” said Eric K. Yeaman, Hawaiiahn Telcom’s president and CEO, in a “The plan provides for a significantly deleveragedcapitao structure, and the terms of the new debt give us greater financial flexibility to execute our business plan and investf in new products, better positioninyg the company for future success.
” A hearinhg to consider approval of the disclosure statement has been tentatively scheduledc for July 23. The plan includes the conversiomn ofapproximately $590 million of the company’s senior secured credir facility and swap liabilities into the new equity of the reorganized company and a new $300 milliohn senior secured term loan maturing in five Holders of $350 million in senior notes will get warrantse to buy 12.
75 percenf of the reorganized company’s new equity and subscription rightsx to buy new equity up to $50 The company said it expecte to emerge from Chapter 11 with $30 million undrawn revolving credit facility and at leastf $45 million of cash on Hawaiian Telcom is owned by , a Washington, D.C.-based private equity group. Carlyle bought the assets of in May 2005for $1.6 and began operating independently with its own systems in Aprio 2006. The plan and diclosure statementare .
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