Hawaiian Telcom emerging from bankruptcy soon

HONOLULU (AP) - Hawaii's largest telephone company says it expects to emerge from bankruptcy in 30 days. Hawaiian Telcom made the statement Thursday when announcing its reorganization plan has been approved by the state Public Utilities Commission.

The company says it must now finalize agreements and documents that are necessary to exit Chapter 11. It filed for bankruptcy protection in December 2008.

In June 2009, Hawaiian Telcom filed a reorganization plan that it says reduced its debt from $1.1 billion to $300 million. US Bankruptcy Court orally confirmed the plan last November and issued its written confirmation December 30.

Hawaiian Telcom CEO Eric Yeaman says the company will develop products and services to meet the changing needs of customers.

Copyright 2010 by The Associated Press. All Rights Reserved.