(Host) Vermont utility regulators have rejected a plan by FairPoint Communications to work itself out of bankruptcy.
In a decision released on Monday, the Public Service Board said the plan would delay deployment of broadband services and also avoid penalties for poor service.
But the board said the company had not showed that these concessions would make the company financially sound.
And the PSB said the proposed reorganization doesn’t do enough to promote the good of the state of Vermont.
The development leaves the company’s future unclear. Last week, Maine regulators approved FairPoint’s plan for reorganization in that state. New Hampshire hasn’t acted yet.
The North Carolina-based company took over the former Verizon Communications landline and Internet networks in Vermont, New Hampshire and Maine.
FairPoint declared bankruptcy last October.