Hawaiian Telcom: agreement pushes plan effective date to Oct. 31

By Lisa Kerner

Charlotte, N.C., Sept. 24 - Hawaiian Telcom, Lehman Commercial Paper, Inc., Goldman Sachs Bank USA and Cerbus Series Four Holdings, LLC agreed to extend the effective date under the company's joint plan of reorganization to Oct. 31 from Sept. 30, to enable the debtors to consummate the plan and emerge from Chapter 11, according to a filing with the U.S. Bankruptcy Court for the District of Hawaii.

Under the plan, if the effective date does not occur prior to the nine-month anniversary of the entry of the order confirming the plan, the plan shall be rendered null and void unless otherwise agreed, the filing said.

The company said it does not know if it can satisfy the requirement due to factors related to the regulatory approval process.

Both the Federal Communications Commission and the Hawaii Public Utilities Commission approved the plan as required.

Hawaiian Telcom filed a plan in June 2009 that reduces its debt to $300 million from $1.15 billion.

The plan was confirmed by the U.S. Bankruptcy Court for the District of Hawaii on Dec. 30, 2009.

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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