Documentation to Conclude Formal Reorganization Process Final Step toward Emergence from Chapter 11
HONOLULU (Wednesday, September 22, 2010) – Hawaiian Telcom (“the Company”) today announced that the Hawaii Public Utilities Commission (“the PUC”) has approved its Plan of Reorganization (“the Plan”). With the regulatory approval process now completed, the Company will emerge from bankruptcy with a strong and stable financial position. The Company will finalize agreements and documents which are necessary to exit Chapter 11. The Company will complete this process and emerge within thirty days.
“We are extremely pleased with the PUC’s approval today, which concludes the regulatory approval process. Our Plan of Reorganization creates a business structure which allows us to grow and flourish. In the very near future, we will be announcing and unveiling exciting new plans. We will continue our focus on our customers and develop dynamic and innovative products and services to meet their ever changing needs” said Eric Yeaman, Hawaiian Telcom’s president and CEO. “Hawaiian Telcom has served the people and businesses of Hawaii for more than 125 years and we look forward to beginning an exciting new chapter in our history.”
Hawaiian Telcom filed for Chapter 11 Bankruptcy protection in December 2008. In June 2009, the Company filed a Plan of Reorganization that reduced its debt from $1.15 billion to $300 million. The United States Bankruptcy Court for the District of Hawaii in Honolulu orally confirmed the Plan in November 2009 and issued its written confirmation Order on December 30, 2009.
In addition to historical information, this release includes certain statements and predictions that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statement, projection or estimate that includes or references the words “believes”, “anticipates”, “intends”, “expects”, or any similar expression falls within the safe harbor of forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including, but not limited to, Hawaiian Telcom’s ability to maintain its market position in communications services, including wireless, wireline and Internet services; general economic trends affecting the purchase or supply of communication services; world and national events that may affect the ability to provide services; changes in the regulatory environment; any rulings, orders or decrees that may be issued by any court or arbitrator; restrictions imposed under various credit facilities and debt instruments; work stoppages caused by labor disputes; adjustments resulting from year-end audit procedures; and Hawaiian Telcom’s ability to develop and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Hawaiian Telcom’s Form 10 report. The information contained in this release is as of September 22, 2010. It is anticipated that subsequent events and developments will cause estimates to change.
Hawaiian Telcom is the state’s leading communications provider, offering a wide spectrum of communications products and services, which include local and long distance service, high-speed Internet, and wireless services.
Scott Simon, Hawaiian Telcom
(808) 546-5466
Investor Relations Contact:
Brian Tanner, Hawaiian Telcom
(808) 546-3442