Federal Communications Commission approves Frontier’s Chapter 11 restructuring
Jan 17, 2021
NORWALK, Conn. -- Frontier Communications Corporation (OTC: FTRCQ) (“Frontier Communications”) announced today that it has secured approval from the Federal Communications Commission (FCC) for its Chapter 11 restructuring. Frontier now has regulatory approvals, or favorable determinations, for its required change-in-control applications related to its court-supervised restructuring from the FCC and 13 states: Arizona, Georgia, Illinois, Minnesota, Mississippi, Nebraska, Nevada, New York, Ohio, South Carolina, Texas, Utah and Virginia.
Frontier expects to promptly consummate the transactions contemplated under its previously confirmed Plan of Reorganization and emerge from Chapter 11 in early 2021. Upon emergence, Frontier will have reduced its total outstanding indebtedness by more than $10 billion and will move forward with enhanced financial flexibility to support continued investment in an improved customer experience and long-term growth.
“We continue to make important progress in our constructive engagement with regulators across our service territories, and this approval from the FCC marks a major milestone,” said Bernie Han, President and Chief Executive Officer. “We continue to await approval in just four states and are working to expedite those approvals to enable the Company to emerge from Chapter 11. Our team remains focused on our transformative strategy to strengthen our financial foundation, improve our operations and enhance our customer experience throughout the U.S.”
Jonathan Spalter, President and CEO of USTelecom said, “We are pleased by the FCC’s affirmative decision for Frontier. More than ever, Frontier serves a vital function in providing essential telecommunications services. This decision is a major step toward successfully completing the Company’s restructuring, enabling it to move forward in delivering services to its customers and creating benefits for communities across the U.S.”
The U.S. Bankruptcy Court for the Southern District of New York confirmed the Company’s Plan of Reorganization in August 2020.
Stay up to date with the latest industry developments: sign up to receive TelecomTV's top news and videos plus exclusive subscriber-only content direct to your inbox – including our daily news briefing and weekly wrap.