FairPoint delays filing Chapter 11 reorganization plan
PORTLAND, Maine (AP) – For the third time since December, FairPoint Communications is pushing back the date for when it will submit its bankruptcy reorganization plan.
The company said it wouldn’t be filing its reorganization plan in U.S. Bankruptcy Court in New York as planned yesterday. It says it needs more time to complete negotiations with lenders, unions and other parties.
North Carolina-based FairPoint filed for bankruptcy on Oct. 26. It's been hobbled by a heavy debt load and operational problems since paying $2.3 billion for Verizon Communications' landline and Internet operations in Maine, New Hampshire and Vermont in 2008.
Monday's announcement is the third time FairPoint has pushed back self-imposed deadlines for when it planned to file its reorganization plan.