FairPoint re-submits financial information to PSB over bankruptcy

first_imgConsolidated Communications,FairPoint submitted supplemental financial information to the Public Service Board last week for its consideration in FairPoint’s still-pending Regulatory Settlement and Change of Control proceeding, the approval of which will allow the company to emerge from Chapter 11.The Vermont Public Service Board’s approval is one of the final steps in this process. FairPoint already has received approvals from Maine and New Hampshire regulators, creditors, represented employees and other states where it does business and approval was required. FairPoint is also pursuing approval from the Federal Communications Commission.FairPoint asked the Vermont Public Service Board to consider FairPoint’s additional information in an expedited manner, with a final decision to be made by November 23.FairPoint has stated that the telecommunications industry has changed dramatically over the past decade and the current level of industry competition provides both business and residential consumers with multiple choices and technologies. “When we emerge from Chapter 11, FairPoint will be a stronger and more viable provider of traditional telephone services and wireline data transmission solutions.”FairPoint’s bankruptcy plan was rejected by the PSB in June, in large part because of revenue projections. FairPoint’s plan would reduce debt by $1.7 billion in exchange for creditors taking control of the North Carolina-based telecommunications company. (STORY).last_img read more

Compliance: What’s next for DOL’s fiduciary rule?

first_imgUS Department of Labor With the Department of Labor (DOL) announcing a “phased implementation” of its fiduciary rule through Jan. 1, what is required between the June 9 effective date and then? CUNA’s compliance staff examined what’s next for the rule in a recent CompBlog post.Starting June 9, the rule’s amended definition of “fiduciary investment advice” will apply, and the Best Interest Contract (BIC) exemption and Principal Transactions Exemption will become available to fiduciary advisers.However, for a transition period extending until Jan. 1, 2018, fewer conditions will apply to financial institutions and advisers that want to rely upon the exemptions.During the transition period, financial institutions and advisers must comply with the “impartial conduct standards,” consumer protection standards that ensure that advisers adhere to fiduciary norms and basic standards of fair dealing. continue reading »center_img 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more