Vermont Chamber supports FairPoint/Verizon deal

first_imgVermont Chamber of Commerce EndorsesVerizon/FairPoint Communication TransactionThe Montpelier, VT The VermontChamber of Commerce announced February 11, 2008, its endorsement of the FairPoint/Verizontransaction.  The Vermont Chamber of Commerce supports the agreementrecently reached between the two companies, and looks forward to the VermontPublic Service Board (PSB) approval in the near future.The Vermont Chamber of Commercehas been monitoring the proposed Verizon sale of its land line assets toFairPoint since the deal was initially announce.  Addressing the financialaspects to ensure that FairPoint has the necessary capital and the abilityto guarantee superior service in Vermont has been a central requirement.To address concerns about theirfinancial stability, FairPoint restructured its proposal to counter concernsthat it can and will deliver on its promises of widespread broadband deploymentthroughout Vermont. Rick Milliken, Chairman of the Board of Directors,stated, The regulators are currently doing their due diligence in reviewingthis application and are moving forward.  They have structured sufficientperformance measures and penalties into contract that will protect theinterest of Vermonters.The deal is contingent upon approvalfrom all three states. The Federal Communications Commission has approvedthe transaction.  Maine regulators have approved the sale and NewHampshire appears to be close to final approval. With the Public ServiceBoard hearing testimony last week, the Vermont Chamber of Commerce hopesthe FairPoint purchase of Verizons land line assets is almost a reality.The principles of private enterpriserequire the free exchange of private assets, between two willing parties,to the benefit of the customers one serves.  In the case of a publicutility, it is also necessary that purchase be fully vetted by regulatorsand the financiers.  The Vermont Chamber of Commerce welcomes an increasedFairPoint presence in Vermont.###In business since 1912, theVermont Chamber of Commerce is a private, non-profit business organizationwith 1,500 members employing 45,000 people and representing all sectorsof the states economy.  Our mission is to create an economic climateconducive to business growth and preservation of the Vermont quality oflife.Tjark Aldeborgh, Director of CommunicationsVermont Chamber of CommercePO Box 37Montpelier, VT 05601-0037Direct: (802) 229-2273Fax: (802) is external)last_img read more