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The company, which filedd for Chapter 11 bankruptcyin December, said the steering committee representing those who hold claims under the company’sd secured credit agreement supports the plan. “The filing of the plan and disclosurr statement is an important achievement in our restructuring saidEric K. Hawaiian Telcom’s president and CEO, in a “The plan provides for a significantly deleveragecdcapital structure, and the terms of the new debt give us greatert financial flexibility to execute our business plan and invest in new better positioning the company for futur e success.
” A hearing to consider approval of the disclosurde statement has been tentatively scheduled for July 23. The plan includesa the conversion ofapproximately $590 milliojn of the company’s senior secureed credit facility and swap liabilities into the new equit of the reorganized company and a new $300 million senior securede term loan maturing in five Holders of $350 million in senior noteds will get warrants to buy 12.75 percent of the reorganized company’s new equity and subscription rightxs to buy new equity up to $50 million. The companh said it expects to emerge from Chapted 11with $30 million undrawnb revolving credit facility and at least $45 millionn of cash on hand.
Hawaiian Telcom is owned by , a Washington, D.C.-basedd private equity group. Carlyle boughrt the assets of in May 2005for $1.6 and began operating independently with its own systems in April 2006. The plan and diclosures statementare .
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