FairPoint Communications files for bankruptcy
Bankruptcy
Rural telecom services provider FairPoint Communications Inc filed for Chapter 11 protection in a Manhattan bankruptcy court on Monday, under a pre-arranged plan that would cut its debt by $1.7 billion.
In a statement, the Charlotte, North Carolina-based company said the restructuring plan had the support of lenders holding more than 50 percent of the outstanding debt under its secured credit facility.
FairPoint has also received commitments for a $75 million debtor-in-possession (DIP) loan to continue operations while in bankruptcy.
"The day-to-day operations of our business will not be impacted by today's actions," Chief Executive David Hauser said.
In its Chapter 11 filing, the company listed total assets of about $3.24 billion and debt of about $3.23 billion.
FairPoint added that its annual interest expenses would be reduced from more than $200 million to about $65 million.
With about 1.7 million access line equivalents, FairPoint is the seventh largest local telephone company in the United States.
Related listings
-
Alleged victims, bankrupt diocese in U.S. court
Bankruptcy 10/22/2009The bankrupt Catholic Diocese of Wilmington began its court fight Wednesday withvictims claiming sexual abuse by its priests over the value of its estate and how much will be available for claims.Attorneys for most of the 142 victims indicated they m...
-
Dutch DSB bank declared bankrupt
Bankruptcy 10/19/2009A Dutch court declared DSB Bank NV bankrupt on Monday, ending hopes the regional lender, which suffered a run on deposits, might be sold or bailed out.The privately-owned bank is the first to go bust in the Netherlands since last year, though the gov...
-
Court approves Frontier reorganization
Bankruptcy 09/10/2009Frontier Airlines has received bankruptcy court approval of its reorganization plan, the Denver-based carrier announced today.The action by the U.S. Bankruptcy Court for the Southern District of New York is the last major hurdle before Frontier emerg...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.