Maine PUC approves FairPoint's reorganization plan

FairPoint Communications (FRCMQ.PK) has made even more headway out of the Chapter 11 waters as Maine's Public Utilities Commission (PUC) voted 2-1 to approve its Chapter 11 reorganization plan.

The PUC also granted FairPoint's request to extend the deadline to expand broadband in the state and reduce the number of broadband capable lines from 90 percent to 87 percent after the five-year expansion project ends. Meeting these broadband expansion goals was one of the major provisions the service provider needed to gain the state's PUC approval of its $2.3 billion acquisition of Verizon's lines in Maine, New Hampshire and Vermont.

While Maine's approval of its bankruptcy plan and extending the broadband timeline helps FairPoint clear some major hurdles in its recovery, it's still not entirely out of the woods yet as it still needs approvals from the New Hampshire and Vermont state PUCs.

For more:
- The Portland Herald via AP has this article

Related articles:
FairPoint's Chapter 11 plan gets support from creditors, lenders
Judge approves FairPoint's reorganization plan
FairPoint wants extension for broadband expansion
FairPoint files for Chapter 11 bankruptcy protection

Suggested Articles

With the hurricane season looming large starting next month, Verizon is taking extra steps to keep its business and residential customers connected.

Telefónica's cybersecurity company, ElevenPaths, announced on Tuesday that it has achieved Amazon Web Services Security Competency status.

In the most recent earnings calls, some telecommunications executives expressed their concern over how the COVID-19 crisis was impacting SMBs.