Hawaiian Telcom files for bankruptcy protection
U.S. Court 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
U.S. Court 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
U.S. Court 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
U.S. Court 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...
Lawyer Website Design For Sole Practitioners - Law Promo
Law Promo understands that running a solo law practice can be a difficult undertaking at any stage, especially if you are just starting up your practice.
The most challenging part of running any solo business can be managing each and every aspect, especially those areas in which you have less experience. Marketing is often one of the weakest areas for small businesses and yet is the most important in ensuring business growth.
A solid internet marketing campaign is crucial, as it can level the playing field between you and larger firms and is by far the most cost effective way to attract more clients.