As part of this plan it confirmed the intention to file for a Chapter 11 of the US Bankruptcy Code.The company plans on using the Chapter 11 to “generate sufficient liquidity from the restructuring to meet our obligations and operating needs”.All these factors have resulted in an “over-leveraged capital structure” and “operational challenges” that prevent the company from investing in the maintenance and growth of its business amid “intense competition and general secular decline”.If that weren’t enough, Frontier reported a number of headwinds that have only added to it weakened business position stating:“Significant under-investment in fibre deployment and limited enterprise product offerings have created headwinds that the company is repositioning itself to reverse.”But FC has a plan and intends to “transform from a provider of legacy telecoms services … to a next-generation broadband service provider with long-lived fibre-based telecoms infrastructure.”It is going to invest in strategic products and networks including the upgrade of FTTx in its footprint, densify and edge out its network, and make next-gen fibre build outs for its wireless and wholesale customers.Last month, the company entered into a 60-day grace period on Interest Payment due on some of its senior unsecured notes as it continues discussions with shareholders around its restricting plans.“We remain actively engaged in constructive discussions with our bondholders as the company continues to evaluate its capital structure with an eye to reducing debt and interest expense,” Frontier said in a statement.“As part of this process, Frontier has made the decision to take advantage of the 60-day grace period allowed under the indenture to facilitate ongoing discussions as we work to reach a comprehensive resolution.”© 2020 Capacity Media is part of the Euromoney Institutional Investor PLC group "Frontier CEO and President Bernie Han said the restructuring will give the company the financial flexibility to allocate capital resources and add talent so it can enhance its services. WHITE MOUNTAINS — Frontier Communications Corporation filed a Chapter 11 bankruptcy case in the bankruptcy court for the Southern District of New York on April 14. Regaining Momentum in 2020 and Beyond Despite economic turmoil created by the COVID-19 pandemic, recent surveys show a clear trend of CFOs taking a long view when developing their international operations strategies and cross-border M&A plans. Frontier Communications Corp. filed for bankruptcy Tuesday to implement a prearranged $10 billion debt-cutting proposal backed by the telephone and internet-service provider’s bondholders. In the company’s 2019 annual report it stated that the telco was in discussions with its shareholders about a possible restructuring. Frontier Communications, a high-speed internet company in Pennsylvania with an office in Dallas, announced Wednesday that it filed for Chapter 11 bankruptcy protection Tuesday. Frontier Communications buckled under the weight of its $17.5b of debt and filed "prearranged" chapter 11 bankruptcy cases. As part of this plan it confirmed the intention to file for a Chapter 11 of the US Bankruptcy Code. The services we provide to our customers keeps them connected, safe and informed. "At the same time, the COVID-19 pandemic continues to impact the entire business community, and our team is focused on ensuring the health and safety of our employees and customers. "Under the RSA, our trade vendors will be paid for goods and services provided both before and after the filing date. More on Economy; Subscribe to Economy; ROCHESTER, NY (WXXI) – Frontier Communications is filing for Chapter 11 bankruptcy in an effort to cut down its debt load by more than $10 billion and provide more financial flexibility. Frontier Communications (FC) has confirmed its intention to file for bankruptcy under the US’ Chapter 11.
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