FairPoint Communications Inc., based in Charlotte, N.C., filed for Chapter 11 bankruptcy reorganization in New York on Oct. 26, 2009.

Key events along the way:

• January 2007: FairPoint and Verizon announce proposed sale of 1.7 million northern New England phone lines and nearly a quarter of a million high-speed Internet customers for $2.7 billion. Verizon unions oppose the sale.
• May 2007: NH Public Utilities Commission holds five meetings around the state seeking input.
• August 2007: State Consumer Advocate Meredith A. Hatfield opposes the deal.
• September 2007: NH PUC takes nine days of testimony on proposed sale.
• January 2008: Federal Communications Commission approves deal on 3-2 vote. FairPoint, Verizon reach settlement agreement with NH Public Utilities Commission staff. Price is reduced to $2.35 billion.
• February 2008: Maine OKs deal. Vermont's Public Service Board becomes the second to approve. NH PUC commissioners, on a split vote, OK the deal.
• March 2008: $551 million in bonds are issued at 13-1/8 percent, 5 percent higher than expected, raising FairPoint's annual debt service costs by about $27.5 million a year. FairPoint closes purchase on March 31. Share price falls 12 percent.
• January 2009: FairPoint cuts over from 600 Verizon legacy IT systems in 80 locations nationwide to 60 new computer systems of its own. Customer service issues begin almost immediately.
• July 2009: David Hauser, 57, former Duke Energy group executive and chief financial officer, becomes FairPoint CEO, with a base salary of $800,000 a year. . . . New Hampshire's consumer advocate Meredith A. Hatfield asks the Public Utilities Commission to open a new investigation into FairPoint Communications Inc.'s problems since it took over telephone systems from Verizon. The request is still under advisement. . . . FairPoint gets a break from bond holders who work out a swap to postpone payment of $36 million in interest due in October. The company warns bankruptcy a possibility.
• August 2009: New York Stock Exchange warns FairPoint of lack of compliance, possible de-listing.
• September 2009: Utility regulators from New Hampshire, Maine and Vermont grill FairPoint executives in Derry. . . . FairPoint misses $42 million in debt payments due Sept. 30; lenders give a 30-day grace period.
• October 2009: FairPoint seeks bankruptcy protection on Oct. 26. New York Stock Exchange stops trading, de-lists stock. . . . Holders of $460 million in FairPoint bonds ask the U.S. Bankruptcy Court in Manhattan to appoint an examiner to investigate alleged discrepancies in FairPoint's public reports.
• November 2009: Legislative leaders from Maine, New Hampshire and Vermont plan to meet with FairPoint on Nov. 12 meeting to gather information about the future of the Northern New England telecommunications system.
• December 2009: FairPoint expects to submit a detailed bankruptcy reorganization plan to the court by Dec. 10.