The Federal Communications Commission yesterday approved Hawaiian Telcom’s bid to exit bankruptcy, leaving the state’s largest phone company just one more regulatory hurdle to clear.

The FCC signed off on Hawaiian Telcom’s “transfer of control,” a required step before a new board of directors can officially be seated.

With the FCC approval under its belt, Hawaiian Telcom is now awaiting the blessing of the Public Utilities Commission. A federal Bankruptcy Court judge in November confirmed a reorganization plan that reduced the company’s debt to $300 million from $1.15 billion.