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| Hilo, Hawaii News, Sports, & Information |
Thursday, September 2, 2010 |
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Posted: Tuesday, November 4th, 2008 4:46 AM HST
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Phone company misses millions in interest payments
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HONOLULU (AP) _ Hawaii's largest telephone company says it didn't make $26 million in interest payments due Saturday on three bond issues.
Hawaiian Telcom says it was allowed to postpone payments under a 30-day grace period.
The company said in a regulatory filing that there was no assurance that it will make interest payments during a grace period.
Hawaiian Telcom says it continues to pursue balance sheet restructuring options. It cited asset rationalization, capital raising opportunities and debt reduction options with its creditors in an effort to improve cash flow and liquidity.
The company says it has about $80 million of cash on hand, and that providing reliable service to consumers and businesses of Hawaii remains its highest priority.
(Copyright 2008 Associated Press. All rights reserved)
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