Judge Approves $75M In DIP Cash For FairPoint

Law360, New York (October 28, 2009, 1:34 PM EDT) -- A bankruptcy judge has authorized a number of FairPoint Communications Inc.’s first-day motions, granting the debt-ridden telephone company access to $75 million in debtor-in-possession financing and tweaking bankruptcy stays to reflect concerns from several states over regulatory rights.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York inked numerous interim orders Tuesday and Wednesday, setting in motion a restructuring that aims to shed roughly $1.7 billion of debt and transfers the company into the hands of its senior lenders....
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