Employment & Workers Comp News

Here is some potentially bad employment news coming out of Hawaii: According to news reports, Hawaiian Telcom Communications filed for Chapter 11 bankruptcy protection on Monday. Hawaiian Telcom Communications of Hawaii is backed by the investment company, Carlyle Group who bought the telecommunications company form Verizon in 2005. This is abad time for such news in Hawaii, with so many other businesses likewise struggling. For example I have noticed the local Nissan dealer seems to have less foot traffic whenever I drive by.

Despite news of Hawaiian Telcom filing for chapter 11 bankruptcy, Carlyle Partners III $4 billion buyout fund is up 230 percent. Carlyle had originally purchased Hawaiian Telcom to expand the network and offer new products and service bundle packages. However, approval delays by regulators caused the company to lose land-line phone customers faster than they anticipated. Time Warner Cable was also proved to be fierce competition for them. Reinvestments by Carlyle of up to $100 million and efforts by them to bring in experts to turnaround management issues also failed. By the way if you live in hawaii and are looking for a Nissan dealer then may I suggest my local Hawaii Nissan dealership. Now is a great time to buy a Nissan vehicle because they have some excellent deals and you will be helping the economy as well.

The Hawaiian Telcom Communications company and seven affiliates filed for chapter 11 bankruptcy in the United States Bankruptcy Court in Wilmington, Delaware. According to news reports, they listed $1.4 billion in assets along with $1.3 billion in debt.

According to a letter by President and Chief Executive Eric Yeaman sent to customers on Monday, it was stressed that the company was not going out of business and that service would not be interrupted.

A top Illinois manufacturer, Portola Packaging, has exited thae backside of Chapter 11 bankruptcy protection. The restructuring that took place greatly reduced the total outstanding indebtedness and interest expenses of Portola Packaging. According to state media reports, they were able to eliminate $180 million of their total debt. The US Bankruptcy Court has verified that the Portola Packaging Company’s restructuring plan and the firm converted all of there 8.25% senior notes into equity. All in all, they did not even require funds from Washington, which is a refreshing change.

The Portola Packaging firm which operates in Batavia in the state of Illinois, produces tamper evident closures, cosmetic packaging along with certain items plus various engineering services as well. The Delaware Bankruptcy Court ultimately ruled that the firm in question met its statutory requirements and pre-packaged chapter 11 plan of reorganization and would be emerging from chapter 11 in late October. If you need  a washington state bankruptcy lawyers then might I suggest Jason Newcombe. He is a top washington state bankruptcy lawyers around and can assist you with a broad range of cases

Portola was eventually able to obtain exit financing from Wells Fargo Foothill, LLC and Regiment Capital Special Situations Fund IV LP for a $66 million senior secured credit facility.

 Investment holders of the Portola existing senior unsecured notes received all of Portola’s common stock which was reorganized. According to their exiting plan, Wayzata was named to become the controlling shareholder when Portola emerged from chapter 11.