some vermonter writes:
Did FairPoint Communications bite off more than it could chew? An article reveals a looming financial crisis:
MONTPELIER — FairPoint Communications could file for bankruptcy by the end of 2009 if the companies it owes money to don't agree to delay interest payments on its debts, according to documents filed with the federal government this week.
The North Carolina company, which purchased Verizon's landlines and Internet services in Vermont, New Hampshire and Maine for $2.3 billion last year, told the U.S. Securities and Exchange Commission that it is strapped for cash.
FairPoint asked bond-holders with more than $500 million invested in the company to consider delaying interest payments on those funds to give FairPoint a little more breathing room to get back on its feet."
The news comes as little surprise in the affected areas:
FairPoint's financial problems have been no secret. Since taking over Verizon's systems, the company has experienced a slew of problems — including poor service to customers, confusing billing and lost e-mail addresses.