FairPoint restructuring debt, expanding broadband service

North Carolina-based FairPoint Communications paid $2.3 billion to acquire the landline phone network from Verizon Communications in Maine, New Hampshire and Vermont. FairPoint had been counting on revenue from landline services and expanded Internet service to pay the debt, but technical problems stemming from the switchover have persisted and upset customers have switched to other providers. To avoid a bankruptcy filing and right its financial ship, FairPoint is restructuring its mountain of debt and will pour money into expanding high-speed Internet access