Hawaiian Telcom hires financial adviser to evaluate balance sheet, restructuring options

By Caroline Salls

Pittsburgh, Sept. 16 - Hawaiian Telcom Communications, Inc. has hired Lazard Freres & Co. LLC as its financial adviser to help the company evaluate its balance sheet and restructuring options, according to an 8-K filed with the Securities and Exchange Commission.

The company said it is developing a revised strategic plan, which could include product development opportunities, cost reductions, asset rationalization, capital raising and/or debt reduction to improve cash flow and liquidity.

In consultation with Lazard and Kroll Zolfo Cooper LLC, the corporate recovery and advisory firm that Hawaiian Telcom hired in the first quarter of 2008, the company said it expects to review options to best position it to maximize value and to capitalize on the opportunities that exist in the Hawaii communications market.

Hawaiian Telcom said it is also taking steps to organize its bondholders to discuss the revised strategic plan.

In addition, the company said its Hawaiian Telcom, Inc. subsidiary has tentatively agreed on a new three-year collective bargaining agreement with the International Brotherhood of Electrical Workers, Local Union 1357.

The new agreement is subject to ratification by the union membership, with the ratification vote expected to take about three weeks.

Hawaiian Telcom, Inc. is a Honolulu-based telecommunications provider.

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