FairPoint buys more time for reorganization

Following its Chapter 11 filing in late October, FairPoint is delaying the submission of its reorganization plan with the federal Bankruptcy Court in New York until Jan. 15, 2010.

The ILEC said that court approval is not needed to extend today's deadline that FairPoint set--as an element of the Plan Support Agreement--when it filed for Chapter 11 protection in October.

"FairPoint will use this time to finalize settlements with key constituents which should result in a more expeditious emergence from Chapter 11," the company said in a statement.

Asking for extensions has become commonplace in the ILEC's ongoing saga to resolve issues with the New England phone lines it bought from Verizon in 2008. Much to the ire of New England State Public Utility Commissions and consumer advocates, the ILEC asked for another extension to develop a plan to resolve its ongoing customer and operational issues.

For more:
- New Hampshire Union Leader has this article

Related articles
FairPoint files for Chapter 11 bankruptcy protection
FairPoint plots financial restructuring plan
FairPoint fails to comply with NYSE listing standards
FairPoint's ongoing troubles reflected in second-quarter loss
FairPoint asks for yet another extension to resolve problems

Suggested Articles

Frontier Communications is looking to rebound from a disappointing second quarter last month by offering a new managed cloud IT service.

Tyson, Virginia-based GiGstreem raised $10 million in a Series B funding round that was led by RET Ventures with participation from LNC Partners.

Comcast sent its Senior VP of Next Generation Access Networks Elad Nafshi to the ONF conference today to announce its big step on virtualization of the cable…