FairPoint Communications  FairPoint Communications, Inc. was headquartered in Charlotte, North Carolina, and operated communication services in 31 markets in 17 states, mostly in rural areas. FairPoint services include local and long distance phone service, data, Internet, broadband, television, business communications solutions and fiber services. FairPoint, along with Frontier Communications, had been at the forefront of acquiring Verizon landline operations. FairPoint was founded as MJD Communications Inc. in 1991, and was established as an Incumbent Local Exchange Carrier (ILEC) which gave it certain rights and obligations regarding providing service to rural areas. The company acquired the Cass County Telephone Company in 2006, integrating its operations into FairPoint Communications Missouri. It also acquired the Germantown Independent Telephone Company in Germantown, Ohio. In 2007, FairPoint had about 330,000 access points or customers. In that year, Verizon Communications announced plans to sell its landline operations in Maine, New Hampshire, and Vermont (Northern New England Spinco) to FairPoint for $2.7 billion. Of that amount, $1.7 billion would go to Verizon Communications in cash and debt and approximately $1.015 billion would go to Verizon shareholders in FairPoint common stock. Verizon would hold no stock. After extensive federal and state regulatory review and approval, the purchase became effective March 31, 2008, for a price of $2.4 billion. State regulators sought a lower figure out of concerns that excess debt would hamper service and expansion. Approximately 1.6 million phone customers and 230,000 internet users in the three states were added to FairPoint's customer base, with the result that the Northern New England customers represented 85% of FairPoint's customers. This increase made FairPoint Communications the 8th largest phone company in the United States. On May 5, 2009 FairPoint indicated in its First Quarter 2009 Report that it was "considering engaging a financial advisor to evaluate its current capital structure and to explore options with respect to a potential restructuring." It also acknowledged that it was "at risk of failing to comply with the interest coverage covenant contained in its credit facility as early as the covenant measurement period ending June 30, 2009." On October 26, 2009, FairPoint Communications filed for Chapter 11 bankruptcy protection. The company emerged from bankruptcy in January 2011. Verizon later lost its remaining money it made on the sale. On May 22, 2012, FairPoint announced that it would sell its pay telephone operations to Pacific Telemanagement Services. The deal includes its 4,000 payphones operated through Northern New England Telephone Operations and Telephone Operating Company of Vermont.