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FairPoint Communications emerges from Chapter 11

Charlotte-based FairPoint Communications said Monday that it has emerged from Chapter 11 bankruptcy protection.

The company, headquartered at 521 E. Morehead St., said it has reduced its debt by about 64 percent through the restructuring, from $2.8 billion to $1 billion.

It also said it is positioned for growth in northern New England, where it has expanded high-speed Internet service.

The company also announced a new board of directors: Edward Horowitz, Todd Arden, Dennis Austin, Michael Mahoney, Michael Robinson, Paul Sunu, David Treadwell and Wayne Wilson.

The U.S. Bankruptcy Court for the Southern District of New York approved the company’s plan of reorganization Jan. 13. The plan became effective Monday.

The company said it has received approval to list its common stock with Nasdaq and will use the ticker symbol FRP. The company said trading will begin shortly.

FairPoint owns and operates companies in 18 states and offers local and long-distance voice, data, Internet, television and broadband services.

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