FairPoint Communications has filed for Chapter 11 bankruptcy to reorganize its $1.7 billion debt.
FairPoint, which operates telephone and Internet service in New Hampshire, Maine and Vermont, filed in a New York court, and will file a restructuring plan that will have to be approved by a bankruptcy court judge.
FairPoint purchased Verizon's telephone and Internet service in New Hampshire, Maine and Vermont last year. The company has struggled financially and operationally since taking over.
Company CEO David Hauser said in a press release issued this morning that service will not be interrupted and the bankruptcy filing was approved by lenders holding more than half of the company's debt.
"The day-to-day operations of our business will not be impacted by today's actions," Hauser said. "We want to assure our customers, employees and vendors that we remain committed to continuing to provide reliable, uninterrupted service to all of our customers."
The company has set up a restructuring hotline at 888-290-4881 and a Web site, www.fprestructuring.com, to provide information to customers.
ÔÇæÔÇæÔÇæ
Join the discussion. To comment on stories and see what others are saying, log on to eagletribune.com.
