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June 24, 2010

Maine regulators deliberate FairPoint bankruptcy

The Associated Press

PORTLAND — Maine utility regulators are deliberating FairPoint Communications' bankruptcy reorganization plan and its request to modify an agreement it entered into with the state when it took over Verizon's landline and Internet operations.

The Public Utility Commission is meeting today on FairPoint's petition seeking approval of its bankruptcy plan and changes to the commission's 2008 order approving FairPoint's $2.3 billion purchase of Verizon properties in Maine, New Hampshire and Vermont.

Among other things, FairPoint wants to delay its broadband expansion plans in the three states.

North Carolina-based FairPoint is seeking simillar approvals in New Hampshire and Vermont. The company filed for Chapter 11 bankruptcy last October.

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