FairPoint presents restructuring plan to Vermont PSB yet again

FairPoint Communications (FRCMQ.PK) has crunched its financial numbers again and wants the Vermont Public Service Board (PSB) to evaluate its Chapter 11 plan again.

Although FairPoint's plan was approved by regulators in Maine and New Hampshire, the Vermont PSB rejected the plan because they concluded that the telco did not give enough evidence that its plan met the "obligations under Vermont law and its (state license) as a telecommunications carrier."

Vermont's tough stance on FairPoint shouldn't be all that surprising. In 2009, the Vermont PSB actually considered revoking the telco's operating license.

But now Mike Smith, President of FairPoint Vermont, said it has presented new financial data that addresses the PSB's initial concerns.

For more:
- Burlington Free Press has this article

Related articles:
FairPoint asks Vermont PSB to give bankruptcy plan another chance
Vermont PSB won't accept FairPoint's bankruptcy plan
Maine PUC approves FairPoint's reorganization plan
FairPoint's Vermont network problems continue to swell
FairPoint wants extension for broadband expansion
FairPoint files for Chapter 11 bankruptcy protection

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