Frontier declares bankruptcy
Story by The Badger Project • Yesterday 11:04 AM
MARKETS TODAY
DJI▲ +0.34%
INX▲ +0.03%
COMP▼-0.41%
Gold▲ +0.87%
USOILRising fast
<?XML:NAMESPACE PREFIX = "[default] http://www.w3.org/2000/svg" NS = "http://www.w3.org/2000/svg" />
Following investigation, Frontier agrees to $15 million in internet upgrades in Wisconsin, $90k "payment"© Provided by The Badger Project
Telephone and internet company has 80,000 customer accounts in Wisconsin; “expects to continue providing quality service”
By Peter Cameron, THE BADGER PROJECT
Frontier Communications, the national phone and internet company that serves tens of thousands of people in Wisconsin, filed for Chapter 11 Bankruptcy on April 14.
The company “expects to continue providing quality service,” it said in a press release announcing the bankruptcy.
Frontier has customers in 29 states. In Wisconsin, it serves a territory of about 800,000 people, according to FCC data. Frontier has about 80,000 customer accounts in Wisconsin, company spokesman Javier Mendoza said.
The company has enough cash on hand to meet its ongoing obligations, it said in the press release.
Frontier has approximately $11 billion in unsecured debt, it said. The company hopes to reduce that by $10 billion in the bankruptcy proceedings.
In a Chapter 11 bankruptcy, the debtor usually proposes a plan of reorganization of its debt in order to keep its business going while paying creditors over time, sometimes at a reduced rate.
The U.S. Bankruptcy Court for the Southern District of New York, where Frontier has filed, has authorized the company to continue paying employee wages, healthcare and other benefits, Frontier announced April 16.
No comments:
Post a Comment