Hawaiian Telcom gets interim access to $75 million in cash collateral; final hearing Jan. 5

By Caroline Salls

Pittsburgh, Dec. 3 - Hawaiian Telcom Communications, Inc. obtained interim court approval to use $75 million in cash collateral to continue to fund the business, according to a company news release.

The final cash collateral hearing is scheduled for Jan. 5.

The company said it will pay suppliers for all post-bankruptcy goods and services.

In addition, the court approved the company's motions to continue to pay and honor all employee wage and benefit programs, as well as customer programs.

"We have reached our first milestone in this process and these approvals reinforce the value of Hawaiian Telcom to the people of Hawaii and its viability going forward," president and chief executive officer Eric K. Yeaman said in the release.

Hawaiian Telcom, Inc., a Honolulu-based telecommunications provider, filed for bankruptcy on Dec. 1 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-13086.

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