Frontier Communications to Prepare Bankruptcy Ahead of April 15 Payment [Yahoo! Finance News]
FRONTIER COMMUNICATIONS (FTR)
Last frontier communications earnings: 3/31 05:21 pm
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US:NASDAQ Investor Relations:
investor.frontier.com/investor-relations
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Source: Yahoo! Finance News
) -- Frontier Communications Corp. expects to file for bankruptcy as soon as Tuesday night with a plan to hand control to its unsecured creditors, according to people with knowledge of the matter.The telecom company is finalizing a restructuring plan that would see its $10.9 billion of unsecured notes convert to equity, with holders also receiving about $750 million in new notes, the people said. Frontier’s secured debt would be left in place. The people asked not to be identified discussing the confidential plan, which would be filed ahead of debt payments due April 15.Frontier, which provides internet, TV and phone service in 29 states, would continue operating while in bankruptcy, helped by a debtor-in-possession loan still being negotiated on Tuesday that could be around $500 million, the people said. The Norwalk, Connecticut-based company expects to file for Chapter 11 protection in White Plains, New York, they said.A representative for Frontier declined to comment.Frontier has b
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