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FairPoint Communications Completes Restructuring Process and Emerges From Chapter 11 With Significantly Lower Debt

CHARLOTTE, N.C. Jan. 24, 2011

$2.8 billion $1.0 billion $75 million

The Company believes it is now well positioned for future growth in northern New England after having expanded the availability of high-speed Internet service and making systems and process improvements. The Company also announced that it has completed the VantagePoint(SM) core network build in northern New England, brought broadband to many unserved or underserved communities in northern New England, and completed the upgrade of the Maine School and Library Network.  

Paul Sunu

Edward D. Horowitz Todd Arden Dennis J. Austin Michael J. Mahoney Michael K. Robinson Paul H. Sunu David Treadwell Wayne Wilson

New York January 13, 2011 January 24, 2011

As previously disclosed, holders of shares of FairPoint’s old common stock will not receive or retain any distribution under the plan.  Old common stock, which until recently traded over-the-counter under the ticker FRCMQ, was cancelled and does not convert into new common stock.

FRP

About FairPoint

www.fairpoint.com

www.fprestructuring.com

This press release may contain forward-looking statements by FairPoint that are not based on historical fact, including, without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in the reports FairPoint files with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and FairPoint undertakes no duty to update this information.

SOURCE FairPoint Communications, Inc.

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