FPL Fibernet to restructure
Having utility backing isn’t a safe haven any more. Late Thursday, the FPL Group announced that it will restructure its wholesale energy and telecommunications branches.
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The company will incur charges due to the restructuring of $140 million to $175 million in the third quarter.
Due to continue strife in the telecommunications sector, FPL has lowered growth expectations for FPL FiberNet. Consequently, the company has indefinitely postponed development of Tier 2 metro markets in Florida. That will cause a charge between $50 million and $65 million.
The company is also taking a $30 million charge due to leases to WorldCom, which are now in default. -- Liane H. LaBarba, senior editor
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© 2012 Penton Media Inc.
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