Fairpoint Communications Files Bankruptcy Plan

The North Carolina-based company filed for Chapter 11 in October citing heavy debt and technical problems after taking over Verizon land lines.
The agreement leaves Fairpoint’s commitment to broadband, service, and capital investment largely unchanged from a Public Utilities Commission order in 2008.
Fairpoint C-E-O David Hauser says the company plans to spend 285 million in the state over five years.

“We also reaffirmed our commitment to spend at least $ 56.4 million on broadband build-out and we estimate an additional $10.5 million is necessary to achieve 95% broadband availability in the state.”

Hauser says he’s confident Fairpoint will emerge as a stronger more viable company.
Fairpoint also reached a reorganization agreement with the state of Vermont, but did not reach one with Maine.