Frontier Communications announced Friday that the California
Public Utilities Commission has unanimously voted to approve its emergence from
Chapter 11. The company says it plans to emerge from its bankruptcy in the
Frontier filed for Chapter 11 bankruptcy on April
15, 2020 while filing motions with the court to continue providing service to
customers without disruption. The company planned to put a restructuring agreement
in place to reduce debt by over $10 billion.
“With a recapitalized balance sheet, we will have the
financial flexibility to reposition the Company and accelerate its
transformation by allocating capital resources and adding talent to enhance our
service offerings to our customers while optimizing value for our
stakeholders,” Robert Schriesheim, chairman of the finance committee of the
board of directors, said in a statement when the company initially shared its
plans to file for Chapter 11.
The Plan for Reorganization was approved on August 21 by the
U.S. Bankruptcy Court for the Southern District of New York.
“Upon emergence, the Company will have reduced its total
outstanding indebtedness by more than $10 billion and with a significantly
stronger financial foundation, Frontier will be well positioned to accelerate
our transformation, invest in infrastructure and drive efficiencies to better
serve our customers,” the company shared on a website dedicated to the
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Source: Cord Cutters News