FairPoint creditors oust CEO
After only 14 months on the job, FairPoint CEO David Hauser will likely step down at the request of the bankrupt company's secured creditors.
FairPoint yesterday filed a motion in U.S. Bankruptcy Court seeking approval to appoint Paul Sunu, CFO of South Carolina-based Hargray Communications Group, as the new CEO, according to a press release from the company. Hauser would remain a consultant to FairPoint until it emerges from Chapter 11 bankruptcy.
Hauser was tapped to be CEO for the North Carolina-based company in July 2009, following its takeover of Verizon's landlines in Maine, New Hampshire and Vermont, as the company worked to avoid bankruptcy. But FairPoint declared bankruptcy in October of last year, and is currently seeking approval from Vermont and federal regulators for its reorganization plan. "This is not unusual in a bankruptcy situation, where secured lenders like to put in their own person," Hauser told The Associated Press.
Go to the article from the AP >>
Most Recent
Most Recent
Comments