Hawaiian Telcom said it didn't make interest payments due Nov. 1 on three bond issues as it talks with creditors about restructuring its debt. The company said it was allowed to postpone payments under a grace period.

The state's largest telephone company said its aggregate amount of interest payments missed was $26 million and that it had about $80 million of cash on hand.

Hawaiian Telcom said there was no assurance that it will make interest payments during a 30-day grace period and that if it failed to do so it would constitute a default.

The bonds affected by the action are its senior floating rate notes due 2013, its 9.75 percent senior fixed rate notes due 2013 and its 12.5 percent senior subordinated notes due 2013.

"The company continues to pursue balance sheet restructuring options, including asset rationalization, capital raising opportunities and debt reduction options with its creditors in an effort to improve cash flow and liquidity," Hawaiian Telcom said in a regulatory filing.

"Providing reliable service to the consumers and businesses of Hawai'i remains the company's highest priority."