By Mike Cherney

Law360, New York (July 07, 2010, 4:39 PM ET) -- Bankrupt FairPoint Communications Inc. won approval from New Hampshire state regulators Wednesday for a settlement agreement related to the company's 2008 purchase of landlines from Verizon Communications Inc., bringing FairPoint one step closer to exiting bankruptcy protection.

The agreement, which was approved by the New Hampshire Public Utilities Commission, modifies certain deadlines for some customers to receive broadband service, among other things. It is an important component of the company's reorganization plan, FairPoint spokeswoman Rose Cummings said.

Although Maine state regulators have also approved a similar...