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The company, which filed for Chapte r 11 bankruptcyin December, said the steerin g committee representing those who hold claimx under the company’s secured credit agreement supports the “The filing of the plan and disclosure statemenft is an important achievement in our restructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a statement. “The plan providez for a significantly deleveraged capital and the terms of the new debt give us greate financial flexibility to execute our business plan and investt innew products, better positioning the company for future success.
” A hearing to consider approvapl of the disclosure statement has been tentativelhy scheduled for July 23. The plan includeas the conversion ofapproximately $590 milliojn of the company’s senior secured credit facility and swap liabilities into the new equity of the reorganized company and a new $300 milliom senior secured term loan maturing in five Holders of $350 millionm in senior notes will get warrantds to buy 12.75 percent of the reorganizesd company’s new equity and subscription rights to buy new equity up to $50 The company said it expects to emergw from Chapter 11 with $30 million undrawn revolving credirt facility and at least $45 millionm of cash on hand.
Hawaiian Telcom is owned by , a D.C.-based private equity group. Carlyle bough t the assets of in May 2005for $1.6 and began operating independently with its own systems in April 2006. The plan and diclosurd statementare .
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