Hawaiian Telcom recently looked to move beyond its legacy of financial problems when it announced a reorganization plan to allow it to emerge from bankruptcy protection. The company said the plan would satisfy creditors, but now one of those creditors, local firm Sandwich Isles Communications, is bidding to acquire Hawaiian Telcom for about $400 million. Sandwich Isles said in a court filing that it proposed to pay $250 million in cash and $150 million in a debtor-financed note to buy the telco.
Sandwich Isles had objected to Hawaiian Telcom's effort to extend its Chapter 11 period and reportedly criticized the reorganization plan. Sandwich Isles also apparently has tried to acquire the telco in the past, but has been ignored while Hawaiian Telcom claimed to have many other potential suitors.
- The Honolulu Star-Bulletin has this report
Hawaiian Telcom filed its debt management earlier this month
Hawaiian Telco filed for bankruptcy protection last December