Frontier Communications Receives Court Approval of All “First Day” Motions to Support Business Operations
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: Business Wire
Continuing to Provide Uninterrupted Service to Customers across the U.S. NORWALK, Conn.--(BUSINESS WIRE)--Frontier Communications Corporation (NASDAQ: FTR) (“Frontier” or the “Company”) today announced that it has received approvals on an interim basis from the U.S. Bankruptcy Court for the Southern District of New York for the “First Day” motions related to the Company’s voluntary Chapter 11 petitions filed on April 14, 2020.Among other things, the Court has authorized the Company to continue paying employee wages and providing healthcare and other benefits, as well as continue certain customer programs. As previously announced, the Company has obtained commitments for $460 million in debtor-in-possession (“DIP”) financing. Subject to Court approval, the Company’s liquidity will total over $1.1 billion comprising the DIP financing and the Company’s more than $700 million cash on hand.Robert Schriesheim, Chairman of the Finance Committee of the Board of Directors, said, “We are ple
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