Hawaii Pacific Teleport, which transmits data through a satellite and fiber-optic cable network connecting the West Coast with hard-to-reach points in Asia, has been cleared to emerge from Chapter 11 bankruptcy.

Federal Bankruptcy Judge Robert Faris confirmed a reorganization plan Monday that will give the company new owners and allow Hawaii Pacific Teleport, which operates from a teleport park in Kapolei, to borrow up to $350,000 from Makawao, Maui-based 1050 Piiholo LLC. Upon emerging from bankruptcy, the loan will be converted to equity with 1050 Piiholo LLC and Hawaii Capital Holdings LLC owning 100 percent of the reorganized company. Rumson, N.J.-based Hawaii Capital Holdings, the general partner of Hawaii Pacific Teleport, is owned by Leeana Smith-Ryland of New Jersey.

Hawaii Pacific Teleport, with five employees, has customers that include the military, State Department, shipping companies, cruise lines, banks and others who require data services.

One of the company’s former owners, Christopher Guthrie, had an original claim of $2.5 million that was reduced to about $1 million under the reorganization plan. Guthrie will be entitled to a secured claim of $151,000 “over time” while his unsecured claim of $850,000 will be paid along with the payouts to other unsecured creditors, according to Honolulu attorney Jim Wagner, who represented Hawaii Pacific Teleport.

Unsecured creditors will receive 5 cents on the dollar, Wagner said.

There are about 50 creditors overall, Wagner said.

The company’s other owner, Santa Barbara, Calif.-based Imverse Asia Inc., is not a creditor.

In addition, the largest secured creditor, telecommunications equipment supplier Allen Communications Inc., which had a first-priority lien on the company’s assets, will receive the $237,000 it is owed on the lien amount. The remainder of its $650,000 claim was unsecured and it will have to share in the funds earmarked for the unsecured creditors.

“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,” said Smith-Ryland, managing general partner of Hawaii Pacific Teleport. “We are particularly pleased that we have successfully and consistently met the needs of our customers and vendors during this process and we would like to thank those firms that have supported HPT during this process, as well as our employees for their enduring loyalty and hard work.”

Hawaii Pacific Teleport filed for bankruptcy last June with reported assets of $1.5 million and debts of $3.5 million.

Wagner said the company’s assets were valued between $500,000 and $600,000 because the initial filing was based on book value rather than actual value.

“They successfully reorganized the company and restructured the debts,” Wagner said. “The restructuring resulted in new ownership and they expect to operate the teleport to the benefit of their creditors and their customers.”

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

Services offered by the company include Internet connections, video conferencing, television and telephones.