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The offering expires July 24, two days aftet the original expiration date ofJuly 22. Charlotte-baseds FairPoint has said the offer is designed primarily to reducethe company’s second- and third-quarter interesty expenses. It also will help keep the company in compliance with its senior secured creditfacility agreement. FairPoinr has said it believes the exchange offer is critical to itscontinueed viability. The telecommunications company is workinbg with a financial adviser to evaluats itscapital structure. Last FairPoint bought ’s landline operationes in Vermont, Maine and New Hampshire for $2.
3 The deal made FairPoint the country’s eighth-largest telephone But FairPoint took on substantial debt to do the and the integration did notgo smoothly. Problems in convertingv billingto FairPoint’s system from Verizon’s led to slow collections and frustrated customers. Phone and e-maipl service problems cropped up across thenew network. And regulatorsz in the region expressed dissatisfaction with some of the During thefirst quarter, FairPoint drew $50 million undefr its $170 million credit facility. As of Marchn 31, only $4.7 million remainecd available to borrow.
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