A $400 million offer to acquire Hawaiian Telcom Inc. lacks adequate financing, will increase debt and will likely prolong the local phone company�s bankruptcy proceedings, Hawaiian Telcom said

In a bankruptcy court filing Friday, Hawaiian Telcom said it opposes Sandwich Isles Communications Inc.�s plan to reorganize the phone company because Sandwich Isles doesn�t have the expertise to run a statewide telecommunications network and lacks the necessary state and federal permits to do so.
�Among other things, Sandwich Isles doesn�t have any committed financing to fund the proposed acquisition or a credible strategy of obtaining it, as its only proposed financing is sheer speculation,� the company said.
�Sandwich Isles has the support of no one.�
Hawaiian Telcom has a competing, $460 million reorganization plan, which would convert the phone company�s mountainous debt into stock and provide $300 million in new financing.
In its filing, Hawaiian Telcom said its creditors committee and its secured lenders and union representatives do not support Sandwich Isles� plan.
The company added that the Sandwich Isles wants to terminate the pension plan for unionized workers.