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July 8, 2010

NH approves FairPoint bankruptcy plan

Utility regulators in New Hampshire have approved FairPoint Communications' bankruptcy plan, which would eliminate $1.7 billion of the company's $2.7 billion debt.

According to the Maine Public Broadcasting Network, the New Hampshire Public Utilities Commission said that the plan would improve FairPoint's financial position and is in the best interests of FairPoint's customers. The plan, which was approved by Maine regulators last month, was rejected last week by regulators in Vermont, who said FairPoint officials did not present a strong enough case to back up future cost and revenue projections.

FairPoint filed for bankruptcy in October 2009, after taking on a heavy debt load to acquire Verizon's landlines in northern New England. The company is scheduled in late July to appear in U.S. Bankruptcy Court in New York, which has the final ruling on the bankruptcy plan, and hopes to emerge from bankruptcy this fall.

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