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

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FairPoint plots financial restructuring plan
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FairPoint's ongoing troubles reflected in second-quarter loss
FairPoint asks for yet another extension to resolve problems

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