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Maine To Take Part In FairPoint Ch. 11 Proceedings
PORTLAND, Maine (AP) — Gov. John Baldacci says Maine will participate in FairPoint Communications Inc.'s bankruptcy hearings to make sure the company fulfills its promises and improves its customer service.
Baldacci said Maine officials are coordinating with officials in New Hampshire and Vermont to monitor the proceedings. At the same time, the Maine Public Utilities Commission has retained a special bankruptcy lawyer to protect the interests of Maine ratepayers and preserve its regulatory orders regarding FairPoint's promises to upgrade to its high-speed Internet network. FairPoint filed for Chapter 11 bankruptcy protection Monday barely 18 months after buying Verizon Communications' land line and Internet operations in Maine, New Hampshire and Vermont. The company said it voluntarily filed for bankruptcy after agreeing on a deal with key lenders that will help lower its debt by about 62 percent.TheStreet Premium Services
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