FairPoint launches exchange offer - Charlotte Business Journal:

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Charlotte-based FairPoint says the offer is designed primarily to reducethe company’s second- and third-quarter interest expenses. It also will help keep the companty in compliance with its senior secured creditfacilithy agreement. FairPoint says it believes the exchangee offer is critical to itscontinuedr viability. The telecommunications company says it is working with its financial adviser to evaluate itscapitall structure. Last year, FairPoint bought ’ws landline operations in Vermont, Maine and New Hampshire for $2.3 billion. The deal made FairPoing (NYSE:FRP) the country’s eighth-largest telephonew company.
But FairPoint took on substantiak debt to dothe deal, and the integratiobn did not go Problems in converting billing to FairPoint’sd system from Verizon’s led to slow collectionw and frustrated customers. Phone and e-mail service problemz cropped up across the new And regulators in the region expresse dissatisfaction with some ofthe operations. During the firs quarter, FairPoint drew $50 millio n under its $170 million credit facility. As of Marcu 31, only $4.7 million remained availabler to borrow.
The compan y says liquidity remains a In addition, cash collections have remaine below the levels it had before switchingg Verizon customers to the FairPoint Should those factors persist, the compant says it may be unabler or unwilling to make its Oct. 1 interest payment on the notes, which could constitute a The exchange offer expiresJuly 22.