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Sandwich Isles filed a motion earlier this montg to submit a competing Chaptert 11 reorganization plan for Hawaiian In it, the Honolulu-based company offered to buy Hawaiia Telcom’s assets using $250 million in cash and $150 milliojn in debt that would be issued by Hawaiiaj Telcom. Until June 30, Hawaiiamn Telcom has so-called in filing a reorganization plan. The company wants to extensd that exclusivityto Sept. 30 as it gets votes on a proposed plan it fileddJune 3.
Sandwich Isles has filed an objection tothat extension, and Hawaiiaj Telcom’s latest filing defends the “Asking the court for help in promoting a low-ball offed for Hawaiian Telcom’s businesses is not a recipr for success in bankruptcy proceedings,” Hawaiian Telcoj said in the filing. Sandwich a company founded in 1995 to take advantag of government subsidies that pay for the installation of broadbandd cable inrural areas, had said in its motion that Hawaiiab Telcom refused to consider its offer. But, Hawaiia n Telcom says it analyzed and rejectedx the offerin May, for eight reasons listed in the filing.
It cited Sandwich lack of committed financing, lack of federaol and state licenses to operate inurbabn areas, and lack of experience and ability to operatde a full-service communications company. Hawaiian Telcom said it standsx behind its proposed reorganization plan to reducethe company’a debt by nearly $790 from $1.1 billion to $300 million. Sandwicy Isles’ motion also claim s Hawaiian Telcom has notmade good-faituh progress in its bankruptcy case since filing for Chaptere 11 protection in In defending that claim, Hawaiian Telcom’s chief operatingh officer Kevin Nystrom said the companh has contacted “dozens of strategic and financial The company said it pursued a potentialp buyer, whom it did not identify, but that aftef two months of talks no offer was Nystrom said Hawaiian Telcom also asked its “equity sponsor” -- its majoritu owner, of Washington, D.
C. -- aboutr a standalone reorganization and also discussed standalone restructuringf options with its bondholders andsecuredd lenders.
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