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.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.