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FairPoint at a crossroads

Questions are already being raised about FairPoint Communications' bankruptcy plan, which would pay off the lenders, the executives, top consultants – and, of course, bankruptcy attorneys – but would leave stockholders, bondholders and unsecured creditors with little or nothing and the unionized workers in a very tenuous position.

On Oct. 30, four days after FairPoint filed for Chapter 11 reorganization, the Ad Hoc Committee of FairPoint Noteholders was the first to directly criticized deal in a bankruptcy court filing. It likely won't be the last.

The bankruptcy deal is aimed at keeping dial tones running and modems blinking, as well as give the company enough capital to expand broadband in the state. These are the chief concerns of state regulators and FairPoint, chief executive David Hauser said in an interview with NHBR   Read Full Article...