Hawaiian Telcom Communications Inc. says it’s emerged from bankruptcy after two years under court-protected reorganization.

The company said in a statement Thursday it’s now left with $300 million in debt after cutting liabilities by about $850 million or 74 percent.

The state’s largest telephone service provider declared bankruptcy in 2008 citing increased competition, economic volatility and its failure to meet capital expenditure needs.

The utility had more than $1 billion of debt at the time due to financing arranged when Washington, D.C., private equity firm Carlyle Group bought the company from Verizon Communications in 2004.