Creditors to Vote on Hawaiian Telcom Plan

The Associated Press

A U.S. Bankruptcy Court judge has approved the disclosure statement for Hawaiian Telcom’s reorganization plan.

Thursday’s decision by Judge Lloyd King means creditors of the largest telephone company in Hawaii will get to vote on the $460 million plan beginning next week. The judge also scheduled a confirmation hearing for Oct. 7.

Hawaiian Telcom filed for Chapter 11 bankruptcy protection Dec. 1. It wants to emerge from bankruptcy in March.

The company is proposing a stand-alone plan that would reduce its debt by nearly $800 million.

A rival $400 million offer from Sandwich Isles Communications Inc. is also before the court. But Sandwich Isles hasn’t filed its own reorganization plan.

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