Vt. regulators OK FairPoint plan
Vermont utility regulators have approved FairPoint Communications' revised reorganization plan, removing a final obstacle in the telecommunications company's efforts to emerge from Chapter 11 bankruptcy.
The state's Public Service Board on Thursday approved a reworked plan, which gives FairPoint more flexibility in amortizing its long-term debt and eliminates up to $12 million in refunds to customers because of poor service, according to The Associated Press. The original plan included delaying broadband deployments, which regulators refused. The new plan is more conservative and "demonstrates a reasonable likelihood that FairPoint will be financially capable," the board said in an order. Vermont regulators rejected the plan in June, though regulators in Maine and New Hampshire signed off on it.
Mike Smith, FairPoint's Vermont president, said the company plans to go before the U.S. Bankruptcy Court soon and emerge from bankruptcy "shortly," according to The AP. The company filed for bankruptcy in October 2009, about 18 months after purchasing Verizon's landlines in northern New England.
Go to the article from The AP >>
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