Catching up with FairPoint
Broadband projects. Bankruptcy. Federal stimulus requests. It’s hard to keep up with FairPoint Communications, but Maine President Michael Reed, Karen Romano, vice president of government and education, and Jeffrey Nevins, public relations manager, dropped by Mainebiz’s offices recently to lay out a timeline, including the company’s emergence from Chapter 11 bankruptcy; its five-year, $25 million contract to provide broadband to the Maine School and Library Network; and its future federal economic stimulus fund application to expand broadband in Washington and Hancock counties. Here’s the schedule:
By the end of June: A decision from Maine, New Hampshire and Vermont public utilities commissions on whether to accept FairPoint’s bankruptcy plan to forgive $1.7 billion of debt
July 8: Bankruptcy court hearing in New York
June 30: Begin extending its VantagePoint fiber-based core network infrastructure to 650 members of the Maine School and Library Network as part of a five-year contract that totals $25 million
September: A decision on FairPoint’s $31.7 million federal stimulus application to expand broadband in Washington and Hancock counties ($20.6 million from the feds and an $11.1 million match from FairPoint). If approved, FairPoint will work with Maine Fiber Co. and its Three Ring Binder project to avoid duplicate networks.
This fall: Emerging from bankruptcy. A new board of directors will be seated and stock will be either traded on the New York Stock Exchange or the NASDAQ.
By the end of this year: Expand broadband to 83% of the state, with plans to cover 87% of the state by 2013
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