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The company, which filed for Chapter 11 bankruptcgin December, said the steering committee representingy those who hold claims under the company’s secured credit agreemen t supports the plan. “The filing of the plan and disclosurw statement is an important achievemen in ourrestructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a “The plan provides for a significantly deleveragedcapital structure, and the terms of the new debt give us greatee financial flexibility to execute our businessa plan and invest in new products, better positioning the company for future success.
” A hearing to consider approval of the disclosurde statement has been tentatively scheduled for July 23. The plan includezs the conversion of approximately $590 million of the company’s seniod secured credit facility and swap liabilities into the new equit of the reorganized company and a new $300 million senior securefd term loan maturing in five years. Holderz of $350 million in seniorr notes will get warrants tobuy 12.75 percenf of the reorganized company’ds new equity and subscription rights to buy new equitty up to $50 million.
The companh said it expects to emerge from Chapter 11with $30 millioj undrawn revolving credit facility and at leas $45 million of cash on hand. Hawaiiann Telcom is owned by , a Washington, D.C.-based privatd equity group. Carlyle bought the assets of in May 2005for $1.6 and began operating independently with its own systems in April 2006. The plan and diclosure statementare .
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