Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PORTLAND, Maine (AP) — A Wall Street analyst says FairPoint shareholders are pressing for a sale of the company now that it has negotiated a new labor pact with workers in Maine, New Hampshire and Vermont.
Barry Sine from New York-based brokerage Drexel Hamilton says "shareholders are beating the drums."
Union workers said during the four-month strike that North Carolina-based FairPoint was positioning itself to be sold. But the company disputes that, saying it's focused on trying to become profitable.
More than 1,700 workers began returning to their jobs last week after ratifying a tentative agreement reached during negotiations overseen by federal mediators. The company said union concessions were necessary to bring labor costs and benefits into sync with competitors in the telecommunication industry.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.