FairPoint Tries Again for Post-Bankruptcy Approval From Lone Hold-Out State

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FairPoint Communications Inc. this week submitted new numbers to the Vermont Public Service Board in hopes of securing the commission’s approval for its bankruptcy reorganization plan.

Board members this past summer denied FairPoint’s proposal for emerging from insolvency, despite two other states’ approval. Unlike Maine and New Hampshire, commissioners in Vermont weren’t convinced that FairPoint’s financial projections were solid. The Vermont agency also was the one that objected most strenuously to the 2008 FairPoint takeover of Verizon Communications Inc.’s New England assets – the deal that led to FairPoint’s Oct. 2009 Chapter 11 filing.

Now, though, FairPoint Vermont has reworked its numbers. Mike Smith, president of FairPoint Vermont, told Bloomberg’s BusinessWeek on Wednesday that he hopes for Vermont’s approvals by late November.

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