Frontier Communications has provided an update on its strategic transformation and now expects to emerge from Chapter 11 bankruptcy protection on 30 April 2021. As previously announced, the telco secured approval from the Federal Communications Commission (FCC) for its Chapter 11 restructuring in January this year. Upon emergence, Frontier will have reduced its total outstanding indebtedness by more than USD10 billion.
John Stratton, the incoming Executive Chairman of the Board, commented: ‘Frontier is ready to set a new course as a revitalised public company. Through the restructuring process, the company has stabilised its business and recapitalised its balance sheet, while making significant progress on the early stages of implementing our initial fibre expansion plan. Frontier’s success with the fibre-to-the-home (FTTH) pilot programme, which upgraded more than 60,000 locations from copper to fibre-optic service in 2020, is just one example of the important work already underway.’