FairPoint Wants Unions to Allow Worker Pay Cuts

FairPoint Communications (FRP) is inching closer to bankruptcy.

The company’s executives this week met with union leaders in Boston to try to find ways to avoid insolvency. But since that would require pay cuts and other major concessions from union workers, nothing is guaranteed. Still, FairPoint is making no secret of its need to cut costs.

FairPoint has edged to the financial brink ever since it made an ill-fated deal with Verizon Communications Inc. for landline assets. It’s mired in debt and plagued with back-office and customer service troubles.