WCAX.COM Local Vermont News, Weather and Sports-FairPoint Bondholders Call for Investigation
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Burlington, Vermont - November 3, 2009
FairPoint's bondholders are calling for an investigation into the troubled communication company's management.
Creditors are holding nearly $600 million in FairPoint debt. The company filed for Chapter 11 bankruptcy protection late last month and creditors say the move is the latest in a long line of questionable decisions by executives.
The filing with the bankruptcy court points to the risky takeover of Verizon's landlines in Vermont, New Hampshire, and Maine and the multiple problems its caused customers. It also questions the company's decision to replace its CEO and the potential creation of two incentive plans for top executives.
WCAX News
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