FairPoint Communications Delays Chapter 11 Filing
Posted on Jan 14, 2010 1:40pm PST
According to several news sources, FairPoint Communications Inc. is planning to push back the date for the company's reorganization plan filing.
The company, which is within the telecommunications industry, said that their bankruptcy reorganization plan filing deadline was extended to February 1st. Originally, the deadline had been set for this Thursday. The company had wanted to file its plan in the U.S. Bankruptcy Court in New York this Friday as it had already pushed back the deadline on December 10, 2009.
After announcing the deadline change in a statement, the company said that it will use the extra time to finalize settlements with lenders, unions and other parties that are currently involved.
On October 29th, FairPoint Communications Inc. filed for
Chapter 11. The company, which is based in North Carolina, has been struggling with massive debt and operational issues since it purchased Verizon Communication's land line and internet operations for $2.3 billion in 2008. The company bought operations in Maine, New Hampshire and Vermont.
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