Vermont Reaches Tentative Deal in FairPoint Deal

VERMONT REACHES TENTATIVE AGREEMENT IN TELEPHONE COMPANY DEAL
[SOURCE: Associated Press, AUTHOR: John Curran]
The state of Vermont reached a tentative settlement Tuesday on North Carolina-based FairPoint Communications' proposed $2.7 billion purchase of Verizon Communications' land lines in northern New England, but it still must pass state regulators' muster. The proposal, which must be approved by the three-member Vermont Public Service Board, essentially mirrors a stipulation already reached by Maine regulators. It calls for a $235 million reduction in the purchase price, reduced dividend payouts that would free more money for debt service and some special accommodations for Vermont. FairPoint would be required to extend broadband service to all customers in 50 percent of its Vermont markets by 2010, under threat of "substantial financial payments" to the new Vermont Telecommunications Authority if not.
http://www.wral.com/news/state/story/2271786/