Frontier Skips Bond Payment, Bringing Company Closer to Default [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. will skip interest bills due March 16, putting the debt-laden phone and broadband network on course for a default and a potential bankruptcy. The omission affects some of it senior unsecured notes, Frontier said in a statement. More than $320 million was scheduled to be paid, according to data. “We remain actively engaged in constructive discussions with our bondholders as the company continues to evaluate its capital structure with an eye to reducing debt and interest expense,” according to the statement. Management led by Bernie Han is entitled to a 60 days to make good on the missed payments. Frontier has been in talks about seeking Chapter 11 court protection and handing control to its creditors, previously reported. If that happens, the bankruptcy would rank as one of the biggest telecom reorganizations since Worldcom Inc. in 2002. All told, Frontier has about $17.5 billion in debt outstanding, and it currently ranks as the biggest North Ameri
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