December 14, 2007
PUC delays FairPoint-Verizon vote
The Maine Public Utilities Commission yesterday postponed its deliberations on the proposed FairPoint-Verizon deal until next week, and likely won't vote on the matter until 2008.
The PUC had planned to consider the sale yesterday, but after a partial settlement on financial and operational matters was reached Wednesday, the commissioners scheduled a hearing for Dec. 20. However, organized labor's continued opposition to the $2.7 billion sale likely means a final vote won't happen until the new year, Nicole Clegg, a PUC spokesperson, told Mainebiz this morning. FairPoint, Verizon and labor reps today continued to negotiate the remaining issues raised in the PUC staff's hearing examiner's report.
The contested settlement includes various measures to lower FairPoint's debt load by as much as $600 million, as well as a promise from FairPoint to make minimum capital investments in Maine of $47 million over the next three years, according to PUC filings.
The PUC had planned to consider the sale yesterday, but after a partial settlement on financial and operational matters was reached Wednesday, the commissioners scheduled a hearing for Dec. 20. However, organized labor's continued opposition to the $2.7 billion sale likely means a final vote won't happen until the new year, Nicole Clegg, a PUC spokesperson, told Mainebiz this morning. FairPoint, Verizon and labor reps today continued to negotiate the remaining issues raised in the PUC staff's hearing examiner's report.
The contested settlement includes various measures to lower FairPoint's debt load by as much as $600 million, as well as a promise from FairPoint to make minimum capital investments in Maine of $47 million over the next three years, according to PUC filings.
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