Hawaiian Telcom files for bankruptcy protection
National News
Hawaiian Telcom Communications Inc., the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection.
The company had been working with creditors since October on a debt-restructuring agreement and said it decided the bankruptcy-protection filing was the best course of action. It blamed the filing partly on increased competition, economic volatility and its failure to meet capital expenditure needs.
President and Chief Executive Eric Yeaman, in a letter to customers Monday, stressed that the company was not going out of business and that service would not be interrupted.
Hawaiian Telcom posted a loss of $34 million in the third quarter, its third straight quarterly loss this year. Last month the company filed documents with the Securities and Exchange Commission stating that it may seek court protection if talks with creditors failed.
Hawaiian Telcom postponed a $26 million interest payment in November and was in the midst of a 30-day grace period, which ended Monday.
Hawaiian Telecom is carrying more than $1 billion in debt, the result of financing that was arranged three years ago for the company's $1.6 billion sale from Verizon Communications to Carlyle Group, a private-equity firm based in Washington, D.C.
Related listings
-
Calif. high court asked to hear gay marriage cases
National News 11/17/2008The state attorney general and sponsors of the ballot initiative that banned same-sex marriage in California urged its Supreme Court to hear a series of lawsuits seeking to overturn the ban, saying the matter is too urgent to be unsettled."The petiti...
-
US appeals court hears arguments in ND hemp case
National News 11/13/2008An attorney for two North Dakota farmers argued they should be able to grow industrial hemp under state regulations without fear of federal criminal prosecution.Attorney Joe Sandler told a panel of the 8th U.S. Circuit Court of Appeals on Wednesday t...
-
Payday lending law violated constitution
National News 11/06/2008A 1999 state law allowing so-called payday lenders to charge high fees for short-term loans violates the state constitution, the Arkansas Supreme Court ruled Thursday.In a 6-0 decision, the court said the fees permitted under the 1999 Check Cashers A...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.