Hawaiian Telcom Communications, Inc. ("Hawaiian Telcom" or the "Debtors"), received an unwelcome objection to its Motion to Approve the Use of Cash Collateral one day after it filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware. The 125 year-old telecommunications provider filed its motion on an interim basis, seeking authority from the Court to use its cash collateral and provide adequate assurance to its prepetition lenders. Hawaiian Telcom’s senior noteholders filed the Opposition to Debtors’ Motion to Approve the Use of Cash Collateral on behalf of holders of floating and fixed rate notes maturing in 2013. The noteholders argue in their opposition papers that the Debtors seek to improperly cross-collateralize the prepetition lenders’ "partially-secured prepetition claims." The noteholders also object to what they see as the Debtors’ attempt to grant the lenders a veto over the Debtors’ expenditures and require the payment of high fees and bonuses to the lenders professionals.