Embattled North Carolina telecom company, FairPoint Communications announced that it was appointing Ajay Sabherwal as its new chief financial officer.
Sabherwal joins a sinking ship as FairPoint is Chapter 11 bankruptcy protection as it wrestles with the…
Embattled North Carolina telecom company, FairPoint Communications announced that it was appointing Ajay Sabherwal as its new chief financial officer.
Sabherwal joins a sinking ship as FairPoint is Chapter 11 bankruptcy protection as it wrestles with the fallout of paying US$2.3bn in 2008 for Verizon’s land line and Internet phone operations in Maine, New Hampshire and Vermont. The firm filed for bankruptcy last October in the face of rising debt and technical issues.
In June FairPoint received a knock-back as the Vermont Public State Board rejected a plan for the troubled telecom to work itself out of bankruptcy by delaying broadband deployments and skipping penalties for poor service that were to be paid to ratepayers. This would have offered a lifeline for the telco, which awaits a similar ruling from New Hampshire.
Sabherwal replaces Alfred Giammarino, who resigned in March and prior to joining FairPoint was CFO of Mendel Biotechnology and previously held the same title at Aventine Renewable Energy. He has 16 years of experience in the telecommunications industry, including as CFO at phone company Choice One Communications.
