Fairpoint Communications was founded in 1991 as MJD Communications. The company was acquired by Fairpoint Communications in 2006. The company is a telecommunications and internet service provider in mainly rural areas in 17 states. Fairpoint Communications is headquartered in Charlotte, North Carolina.
Fairpoint Communications purchased Verizon land lines for cash and debt. Verizon stockholders would receive slightly more than $1 billion in Fairpoint Communication stock.
The company filed for bankruptcy in 2009. As a result, Verizon customers who had been acquired in 2007 lost most of their market shares. The company emerged from bankruptcy in 2011.
Today, the company has 3,300 employees and annual revenue in 2014 of $1.274 million. Fairpoint Communications is still struggling with striking workers since October of 2014. The company hired replacement workers, who have had trouble maintaining service lines during severe winter storms.
Fairpoint Communications is publicly traded on the NASDAQ under the ticker symbol: FRP