Hawaiian Telcom files papers to emerge as publicly traded company

By Caroline Salls

Pittsburgh, April 7 - Hawaiian Telcom filed a Form 10 Wednesday with the Securities and Exchange Commission as the first step in the review and registration process to become a publicly traded company upon its emergence from Chapter 11 bankruptcy, according to a company news release.

The company said it must complete this process as part of its plan of reorganization, which was approved last November by the U.S. Bankruptcy Court for the District of Hawaii.

"Becoming a publicly traded company marks a significant milestone in our efforts to evolve as a stronger, more competitive company, expanding and diversifying our communications products, services and solutions, for the benefit of our customers," president and chief executive officer Eric K. Yeaman said in the release.

The plan also calls for appointment of a new board of directors by Hawaiian Telcom's senior secured creditors, who will be the majority equity owners of the company upon emergence.

The new board will be made up of Maui Land & Pineapple Co., Inc. executive chairman of the board and interim CEO Warren H. Haruki, who is also president and CEO of Grove Farm Co.; U.S. TelePacific Corp. president and CEO Richard A. Jalkut; SureWest Communications president and CEO Steven C. Oldham; National Rural Telecommunications Cooperative president and CEO Bob Phillips III; and Hargray Communications Group chief financial officer Paul H. Sunu.

Yeaman will also continue to serve on the board as Hawaiian Telcom's president and CEO.

Hawaiian Telcom, Inc., a Honolulu-based telecommunications provider, filed for bankruptcy on Dec. 1, 2008 in the U.S. Bankruptcy Court for the District of Delaware. The case was later transferred to Hawaii. The company's Chapter 11 case number is 08-02005.

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