New FairPoint CEO assumes duties amid $ problems

By Associated Press
July 1, 2009 | Comments (0)

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The new head of FairPoint Communications is assuming his duties amid growing concerns that the company could file for bankruptcy protection if it can't delay its debt obligations.

Effective Wednesday, David Hauser (HOO'-zer) replaces FairPoint co-founder Eugene Johnson as the company's chairman and CEO.

In a Securities and Exchange Commission filing last week, the company said it's seeking to delay an interest payment to bondholders due in October. If the payment can't be put off, the company said it might seek alternative debt restructuring plans, which could include bankruptcy.

FairPoint is based in Charlotte, N.C., but its largest holdings are in northern New England, where last year it bought Verizon Communications Inc.'s wired telephone and Internet operations in Maine, New Hampshire and Vermont for $2.3 billion.

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10/26/2009 10:20 AM
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