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FairPoint delays New England system cutover
FairPoint Communications, which earlier this year acquired former Verizon Communications wireline properties in Maine, New Hampshire and Vermont, was scheduled to complete the cutover from old Verizon systems to its own systems by September, but it has decided to delay the move until November.
The company did not specify any problems, but said it would not be able to meet it earlier cutover goal. FairPoint had been fairly aggressive with its integration and deal completion goals, and stood to save money it was spending to lease Verizon systems. The two-month delay now means two more monthly payments to Verizon of about $16.5 million. Still, FairPoint said the unexpected payments will not hurt its ability to manage its debt from the deal.
For more:
- read this story at BusinessWeek
Related articles:
FairPoint could eventually sell off some properties. FairPoint report
Windstream Communications could be well positioned for a buying binge. Windstream report
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Comments
Posted by Anonymous | July 28, 2008 - 7:39pm
It seems there are some sour grapes re:, not being able to get a job at Verizon and an upset shareholder. Is it the Unions' fault that you are not qualified to do what we do in raging heat or frigid winds, on a 35' high phone pole or a wet crawl space teeming w/spiders and other vermin? Perhaps fiberglass insulation that gets under your skin and itches for days after spending a few bucolic hours in a 115 degree attic. Or you, Mr. or Mrs. Shareholder - is the Union employee to be held accountable for a share price barely exceeding $34.00? It seems to me there would be no shareholder value if someone didn't go out and actually do the work. So, please tell me, Disgruntled unqualified job seeker and upset Shareholder, what is a fair price for the work we do on behalf of Verizon? And, could you please back up your answer with some relevant data - see you on August 3 2008. Proud, hard working member of CWA Local 2201 - Richmond, VA. God Bless America!!!
