The Vermont Public Service Board plans hearings Jan. 29 on Verizo...
The Vermont Public Service Board plans hearings Jan. 29 on Verizon’s revised proposal for the $2.7 billion transfer of its landline assets to FairPoint, expecting to make a final decision by Feb. 11. The companies sought a preliminary ruling…
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by Jan. 30, but the board balked. The case is complex and stands to affect the entire state, so it is taking time to get the call right. The Vermont board in December rejected the transaction as filed, inviting a revised proposal. The version filed was modeled on conditions Maine regulators approved. They include a $235 million working capital infusion by Verizon, a 35 percent dividend cut and FairPoint’s commitment of $150 million more capital if it falls behind in efforts to reach a 3.5:1 debt- to-cash flow ratio by 2012. But FairPoint made other Vermont-specific commitments to invest $120 million over three years in more network improvements and to make universal broadband available in half its Vermont exchanges by 2011.