PORTLAND, Maine (AP) - Financially troubled FairPoint
Communications Inc. has submitted its bankruptcy reorganization
plan after two months of delays.
The document was filed Monday in U.S. Bankruptcy Court in New
York, where FairPoint filed for Chapter 11 bankruptcy in October.
FairPoint CEO David Hauser (HOO'-zer) planned a conference call
with reporters to outline the company's business plans.
North Carolina-based FairPoint has been hurt by a heavy debt
load and technical problems since paying $2.3 billion for Verizon
Communications' land line and Internet operations in Maine, New
Hampshire and Vermont in 2008.
FairPoint has more than $2.7 billion in debt, most of which is
held by secured creditors that loaned the money when FairPoint
acquired its northern New England properties.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
