Verizon To Pay FairPoint $3M In Lease Deal

Law360, New York (August 18, 2010, 2:13 PM EDT) -- A bankruptcy judge has given the go-ahead to a deal that will see Verizon Communications Inc. shelling out $3 million to FairPoint Communications Inc. in exchange for indemnification for claims relating to certain controversial leases, marking the latest step forward in FairPoint's Chapter 11 proceedings.

Judge Burton R. Lifland signed off on the settlement in an order Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, saying it was in the best interest of FairPoint's creditors and estates.

The agreement, forged by...
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