Hawaii Pacific Teleport (HPT) has confirmed that the U.S. Bankruptcy Court, District of Hawaii has approved its pre-packaged Plan of Reorganization. The confirmation clears the way for HPT to emerge from its Debtor-in-Possession (DIP) Chapter 11 reorganization.
“We have worked tirelessly with our creditors to construct a reorganization plan that best meets the interests of everyone involved, including our team, current and potential customers and vendors,” states Leeana Smith-Ryland, Managing General Partner of HPT. “We are particularly pleased that through the hard work and dedication of our employees, we have successfully and consistently met the needs of our customers and vendors during this process.”
Company sources reported that since entering bankruptcy in June 2011, HPT constructed a strategy to both strengthen its financial position and deepen its service offerings. The company was able to turn around its month-to-month operating margins and during the last few months successfully restructured its debt. Company officials also maintain that, since filing, HPT has established additional sources of revenue that strengthens its current and future earnings potential.
“With this successful restructuring, HPT can now effectively execute its core business of supplying teleport services to its clients, in addition to actively pursuing expansion into new areas of the telecommunications industry,” adds Ms. Smith-Ryland.
For more information write www.hawaiiteleport.com or contact HPT at media@hawaiiteleport.com
