...to emerge from its Debtor-in-Possession ("DIP") Chapter 11 reorganization. HPT has continued to provide uninterrupted service to its customers during the reorganization. The confirmed Plan positions HPT with no debt on its balance sheet, a clear ownership structure, and a renewed ability to build and expand its business strategy.
HPT received authorization from the Court to borrow capital from 1050 Piiholo LLC, a Hawaii company, in the form of a DIP loan. On the Plan‚s effective date, the DIP loan will be converted to equity, at which point 1050 Piiholo LLC and Hawaii Capital Holdings LLC (HPT‚s General Partner that is wholly-owned by Leeana Smith-Ryland), will own 100 percent of the reorganized company. Hawaii Capital Holdings LLC will continue to manage the company.
Since entering the Chapter 11 DIP bankruptcy in June 2011, HPT sought to determine the best course forward to both strengthen its financial position and deepen its service offerings. Almost immediately, the company was able to turn around its month-to-month operating margins and during the last few months was successfully able to restructure its debt. HPT was also able to establish additional sources of revenue and looks forward to developing new relationships leveraging its strategic location and access to both fiber optic and satellite networks.
