FairPoint Communications (FRCMQ.PK) cleared another hurdle in its bankruptcy race as New Hampshire regulators approved the beleaguered service provider's reorganization plan.
In its 78-page order, the New Hampshire Public Utility Commission (PUC) said that the service provider has made "steady progress" to improve services for the region's residential and business customers.
Still, FairPoint is far from being out of the woods in New England. Vermont regulators last week rejected the telco's plan because they did not think FairPoint had "demonstrated the financial capability to meet its obligations under Vermont law and its (state license) as a telecommunications carrier." in June the same time, Maine regulators approved FairPoint's plan.
Not surprisingly, Jill Wurm, FairPoint's New Hampshire spokeswoman, applauded the NH PUC's order. "It helps us in our ability to restructure FairPoint's debt and improve our balance sheet in a timely manner, which is vital to the long-term health of FairPoint and our ability to meet current and future needs of customers," she said.
At the same time, Wurm said FairPoint does not know if its reorganization plan needs the approval of all three New England states where it operates, adding that it was evaluating the Vermont regulator's ruling and what it should do next in that state.
- Kennebec Journal via AP has this article
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