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Hawaiian Telcom disputes buyout offer

July 2, 2009
Maui Weekly

Pacific Business News - According to a response filed in bankruptcy court on Friday, June 19, Hawaiian Telcom is opposed to a buyout proposition from Sandwich Isles Communications. Earlier this month, the Honolulu-based Sandwich Isles filed a motion to present a competing Chapter 11 reorganization plan for Hawaiian Telcom, offering to buy its assets with $250 million in cash and $150 million in debt that would be issued by Hawaiian Telcom. At press time, the company was trying to get an extension of its “exclusivity” to file a reorganization plan to the end of this September. Sandwich Isles filed an objection to that extension. Hawaiian Telcom reviewed and rejected an offer from Sandwich Isles back in May, for a list of reasons including “lack of committed financing, lack of federal and state licenses to operate in urban areas and lack of experience and ability to operate a full-service communications company.” Hawaiian Telcom will continue to support its proposed reorganization plan to reduce the company’s debt of $1.1 billion by nearly $790 million to $300 million.



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