Frontier Communications files for bankruptcy
- The company announced a restructuring support agreement with creditors (representing more than 75% of $11B in outstanding unsecured bonds) where it secures commitments for $460M in debtor-in-possession financing.
- That, combined with cash on hand, provides more than $1.1B in liquidity.
- The news comes ahead of debt payments due tomorrow.
- The plan is intended to reduce debt by more than $10B.
- Frontier expects to continue providing service to customers without interruption. Trade vendors will be unimpaired for both pre- and post-petition obligations.
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