Fairpoint Seen In First Step Of Restructuring July 09, 2009

--Libby Sallaberry

Fairpoint Communications is in the throes of an attempt to restructure its debt out of court. The company is out with an exchange offer to its bondholders that would swap its 13.125% notes due 2018 for similar notes with a payment-in-kind feature.

The company is doing this ...

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