In our many prior analyses we stated that the "greater fools" who bought the Verizon properties such as Hawaii and now Fairpoint would not make it. Today in the Burlington Free Press they say:
"FairPoint CEO David Hauser said mistakes have been made during the company's rocky stewardship of the region's largest phone system, and "it's certainly very possible" the phone company will file for bankruptcy within the next 45 days."FairPoint made mistakes in the way the cut-over happened. I certainly wouldn't deny that," Hauser told The Burlington Free Press editorial board Thursday morning, referring to the switch from Verizon's systems earlier this year...
Filing for Chapter 11 bankruptcy would allow the ailing phone company to restructure roughly $2.44 billion in debt. Bankruptcy would not lead to liquidation, Hauser said. Instead, Hauser said, it would improve cash flow and allow FairPoint to maintain its commitment to provide quality phone service and expand broadband Internet access."
The remaining question is who holds the debt and what percent if any if held by Verizon. This deal was dead on arrival from the beginning. We have been saying that the number of access lines was dropping at an alarming rate in the territory and that Fairpoint knew or should have known this One suspects a set of shareholder suits which will further encumber the company.
"FairPoint CEO David Hauser said mistakes have been made during the company's rocky stewardship of the region's largest phone system, and "it's certainly very possible" the phone company will file for bankruptcy within the next 45 days."FairPoint made mistakes in the way the cut-over happened. I certainly wouldn't deny that," Hauser told The Burlington Free Press editorial board Thursday morning, referring to the switch from Verizon's systems earlier this year...
Filing for Chapter 11 bankruptcy would allow the ailing phone company to restructure roughly $2.44 billion in debt. Bankruptcy would not lead to liquidation, Hauser said. Instead, Hauser said, it would improve cash flow and allow FairPoint to maintain its commitment to provide quality phone service and expand broadband Internet access."
The remaining question is who holds the debt and what percent if any if held by Verizon. This deal was dead on arrival from the beginning. We have been saying that the number of access lines was dropping at an alarming rate in the territory and that Fairpoint knew or should have known this One suspects a set of shareholder suits which will further encumber the company.
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