FairPoint ( FRP) says it has made some promises to appease Vermont regulators who shot down the proposed $2.7 billion acquisition of Verizon's ( VZ) rural New England networks.

The Charlotte, N.C., telco says it will make $40 million in annual network improvements and extend its broadband service offering to half its market in Vermont. The state's Department of Public Service approved the changes, and now the parties are asking Vermont's Public Service Board to approve the agreement.

The news comes just two weeks after the PSB nixed the deal, citing heaving debt financing required by FairPoint to make the transaction happen and keep the networks running.

The regulators left the door open for FairPoint to come up with another proposal.

A FairPoint representative said at the time that the process is "ongoing" and that the company is encouraged by the PSB's willingness to reconsider the decision.

FairPoint had $608 million in debt and $9 million in cash on its books as of September.

Verizon has been shopping some of its so-called network assets around for the past three years as it tries to unload less-promising regions to raise cash.

FairPoint shares fell a penny to $12.11 in post-close trading Tuesday.

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