Fairpoint communications is cutting its debt by nearly two thirds through bankruptcy.

Court documents call for the company's debt to be reduced to $1,000,000,000, down from $2,800,000,000.

Secured creditors will get 92% ownership in the restructured company.

Unsecured creditors will receive 17 cents for every dollar they are owed.

In 2008, FairPoint paid $2,300,000,000 for Verizon's land line and internet assets in Maine, New Hampshire, and Vermont.

In October the company filed for bankruptcy.

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