Thursday, October 28, 2010

Hawaiian Telcom Exits Chapter 11, Reduces Debt by $850M

Hawaiian Telcom Communications completed its reorganization and has emerged from its Chapter 11 proceedings. Through its reorganization, Hawaiian Telcom has reduced its debt by over $850 million, or approximately 74 percent, and has emerged with $300 million of debt. The process began in December 2008.

"Thanks to the dedication of each of our employees statewide, the ongoing support of our customers and suppliers, and the cooperation of our lenders, we have successfully completed our reorganization which marks a new beginning for the Company," said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "As was our goal, we have significantly reduced our debt through the Chapter 11 process and have emerged a much stronger, more financially secure company better positioned to address the growth opportunities as the leading communications provider in the Hawaii marketplace."


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