FairPoint reaches settlement over performance shortfalls
The Maine Public Utilities Commission and FairPoint Communications reached a $175,000 settlement over the company’s failure to meet performance benchmarks from 2014 to 2016
The Associated Press reported that PUC staff had recommended $500,000 in fines after FairPoint did not meet performance standards established, but the three-member commission decided instead to require FairPoint to fund three infrastructure replacement projects by the end of 2019 in three towns that have seen quality problems with landline service.
FairPoint's spokeswoman said the company is pleased with the settlement, the AP reported.
FairPoint (Nasdaq:FRP) announced in late March that its shareholders had approved a merger with Illinois-based Consolidated Communications Holdings Inc. (NASDAQ: CNSL) in an all-stock transaction valued at approximately $1.5 billion, including debt.
The Maine PUC signed off on the sale on May 31, after Consolidated Communications agreed to invest at least $52.2 million on facilities and infrastructure in Maine contingent on the sale’s approval by additional regulators outside of Maine.
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