Hawaiian Telcom won approval in bankruptcy court today to use $75 million it holds to continue operating while it reorganizes.

Hawaii Telcom, which filed for bankruptcy protection Monday, said it doesn't need to borrow money while it reorganizes, either through a sale of its assets or with a new investment by Carlyle.

It's request to use the $75 million was approved by Judge Peter Walsh in U.S. Bankruptcy Court in Wilmington, Delaware.

Hawaiian Telcom said is moving forward with a restructuring plan, which it said could involve selling the company or having its parent company, The Carlyle Group, make additional investments in the company.