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Teleport firm files for bankruptcy

  • HAWAIITELEPORT.COM
    hawaiiteleport.com @Caption1:Hawaii-Pacific Teleport, one of several companies operating out of a teleport park in Kapolei, filed for Chapter 11 bankruptcy Thursday, reported assets of $1.5 million and debts of $3.5 million.
  • @Caption1:Hawaii-Pacific Teleport
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The largest commercial teleport in Hawaii has filed for bankruptcy protection in hopes of reorganizing its debts.

Hawaii-Pacific Teleport, which transmits data for customers via a satellite and fiber-optic cable network connecting the West Coast with hard-to-reach points in Asia, filed Chapter 11 on Thursday.

Jim Wagner, a local bankruptcy attorney representing Hawaii-Pacific Teleport, said the company will continue normal business and expects no disruption to customer services.

Wagner said the company, which reported assets of $1.5 million and debts of $3.5 million, is marginally profitable but sought bankruptcy because of cash-flow problems. The company, which had been based in California, recently underwent management changes and is now being overseen by Leeana A. Smith-Ryland of New Jersey.

The largest creditor of Hawaii-Pacific Teleport is Sabrina Guthrie of Greenbrae, Calif., who is owed $400,000 on a loan. The next-largest creditor is Mabuhay Philippines Satellite, owed $118,506.

The company is one of several teleport companies operating out of a teleport park in Kapolei dotted by satellite dishes.

The company was established in 2001 and was named Teleport Developer of the Year in 2003 by the World Teleport Association for its growth.

Hawaii-Pacific Teleport reported in 2002 operating five satellite dishes each aimed at a satellite positioned over areas spanning the mainland to Australia to Asia.

The variety of services offered by the company include Internet connections, video conferencing, television and telephones.

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