April 22, 2018
Business Latest News | Poll Questions | Kenduskeag Canoe Race | Barbara Bush Funeral | Bangor Savings Bank

FairPoint postpones Chapter 11 plan filing

The Associated Press

PORTLAND, Maine — FairPoint Communications Inc. wants more time to file its bankruptcy reorganization plan.

The troubled telecommunications company said Wednesday, a day before its filing deadline, that it will submit the plan by Jan. 15 in U.S. Bankruptcy Court in New York.

The company is pushing back the deadline to complete settlements with lenders, unions and other parties involved in the reorganization process, FairPoint officials said.

Meanwhile, FairPoint asked the court to put on hold an order from the Maine Public Utilities Commission that it pay rebates totaling $8 million over the next 12 months to its Maine customers because of poor service.

North Carolina-based FairPoint filed for Chapter 11 bankruptcy on Oct. 26, barely 18 months after buying Verizon Communications’ land-line and Internet operations in Maine, New Hampshire and Vermont. The company has been suffering under a heavy debt load and technology problems.

Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like