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Article: FairPoint Reaches Agreement with Bank Lenders -Initiates Voluntary Chapter 11 Proceeding.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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FairPoint Communications, Inc. (NYSE:FRP) (the "Company"), a leading provider of a full range of communications services, announced it has reached agreement on a comprehensive financial restructuring plan (the "Restructuring Plan") with lenders (the "Supporting Lenders") holding more than 50 percent of the outstanding debt under its secured credit facility. The Restructuring Plan is expected to reduce the Company's debt by $1.7 billion thereby providing a long-term solution for the Company's balance sheet.
To facilitate the implementation of the Restructuring Plan, the Company also announced that it and all of its subsidiaries have filed voluntary petitions for ...