November 15, 2024
Business

FairPoint outlines plan for review commission

CONCORD, N.H. – FairPoint Communications officials Tuesday told New Hampshire’s utility regulator its plan to buy Verizon’s land lines in northern New England would help its credit rating and customers.

Walter Leach, FairPoint’s vice president for corporate development, told the Public Utilities Commission that the company’s approach to Maine, New Hampshire and Vermont will be different from Verizon’s.

“These three markets will be the most important markets to FairPoint going forward,” he said. “They clearly are not the most important markets to Verizon today.”

Since the $2.72 billion deal was announced in January, FairPoint officials have said they plan to invest $200 million and add 600 new employees in three new call centers in the region. The company also said it would invest in infrastructure to provide broadband Internet service to rural areas.

Regulators in the three states must approve the deal.

Tuesday’s meeting was an organizational one for lawyers and regulators to work out the procedure for the review.

A lawyer for the Communications Workers of America and the International Brotherhood of Electrical Workers, which represent Verizon employees, said unions are worried the deal will hurt workers. Arpiar Saunders, the unions’ lawyer, said workers are worried about the $1.7 billion debt FairPoint is taking on to make the purchase.

Leach said FairPoint is comfortable with the financing details. He also said customer bills won’t go up.


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