FairPoint bankruptcy saga continues
FairPoint Communications is asking its 3,000 union employees in northern New England to accept pay cuts and other concessions in its efforts to avoid bankruptcy.
There have been several closed-door meetings between the company and the unions -- the International Brotherhood of Electrical Workers and the Communications Workers of America -- that represent the 3,000 FairPoint employees in the region, but no details on the negotiations have been reported, according to the Associated Press. Rand Wilson, a spokesman for the unions, told the AP that despite the unions' firm opposition to FairPoint's $2.3 billion acquisition of Verizon's landlines in northern New England, the unions are now committed to seeing FairPoint succeed.
FairPoint has faced myriad technical and customer service problems since acquiring Verizon's regional business last year. In June, the company said it was considering filing for Chapter 11 bankruptcy protection. It recently received some respite when its lenders gave the company until the end of October to develop a plan to meet its loan obligations.
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