FairPoint Enters Ch. 11 After Striking Deal With Lenders

Law360, New York (October 26, 2009, 8:18 PM EDT) -- FairPoint Communications Inc. filed for Chapter 11 protection Monday after reaching an agreement with lenders that will allow the debt-ridden telephone company to shave $1.7 billion from its balance sheet.

The company filed the petition in the U.S. Bankruptcy Court for the Southern District of New York, listing more than $1 billion each in assets and liabilities. The filing includes all its subsidiaries.

Charlottesville, N.C.-based FairPoint said in a statement Monday that it planned to “promptly” file a reorganization plan that reflects a deal it has...
To view the full article, register now.