Fairpoint has emerged from Chapter 11 proceedings, and is ready to face the world once again. They'll do so with just $1B in debt and a $75M revolving credit facility, having shed about $1.8B of their previous debt load along with all their previous shareholders. The company's new common shares will soon be trading under the familiar ticker FRP.
Fairpoint has largely dropped from the news in the past few quarters, which is actually a good thing since most of the coverage had been about their inability to keep customers and regulators even remotely happy in Vermont, New Hampshire, and Maine. Whether they now truly have their operations under control alongside their freshly cleaned balance sheet will no doubt be the subject of scrutiny throughout 2011. They did announce the completion of the core network build in northern New England, as well as other projects.
I doubt, however, that Fairpoint is ready to rumble in the RLEC M&A marketplace. One thing at a time, eh?
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