Hawaiian Telcom will now finally be able to emerge from bankruptcy as the Hawaii Public Utilities Commission approved its reorganization plan. The PUC's ruling follows FCC approval of the plan last week.
With the PUC's approval in place, Hawaiian Telcom now just has to wrap up necessary agreements and documents to complete the Chapter 11 exit process. Once this process is complete, Hawaiian Telcom says it will emerge from Chapter 11 within the next month.
In December 2008, Hawaiian Telcom filed for Chapter 11 protection and then in June 2009 filed a reorganization plan that reduced its debt from $1.15 billion to $300 million.
Given the track record that Hawaiian Telcom and others have had in purchasing former Verizon assets, the pressure is now on the company to prove it can grow a financially viable business.
- see the release here
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