Frontier -3.8% as failed auction sends it back to bondholder talks [Seeking Alpha]
Verizon Communications Inc. (VZ)
Last verizon communications inc. earnings: 4/24 07:30 am
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Source: Seeking Alpha
Frontier -3.8% as failed auction sends it back to bondholder talksFrontier Communications (NYSE:FTR) is stumbling out of the open,down 3.8%, as it'sback in talks with bondholders after an auction of Florida assets failed to garner a high enough price to go through.It got multiple bids for landline assets in Florida -- part of the California/Texas/Florida assets itacquired from Verizon two years ago for $10.5B-- but decided not to sell.Proceeds were expected to go toward reducing a monster debt pile of $17.8B.It's looking to unload the CTF package, but in pieces rather than the package deal it made with Verizon.“The problem is that they have a weak negotiating position," says Creditsights' Lindsay Gibbons. "If they sold Florida for less than what they paid, it wouldn’t look good and it puts a watermark on the other asset values.”See all stocks on the move »Now read:Frontier Communications: Is The Company Delivering On Critical Factors Of Revenue And EBITDA Margin? »
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News
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- Verizon Joins RE100 and Shares New Milestones in its Responsible Business Plan [Yahoo! Finance]Yahoo! Finance
- Verizon Joins RE100 and Shares New Milestones in its Responsible Business PlanGlobeNewswire
- Up 8% Year To Date As 5G Gains Traction, What's Next For Verizon Stock? [Forbes]Forbes
VZ
Earnings
- 1/23/24 - Beat
VZ
Sec Filings
- 3/27/24 - Form PX14A6G
- 3/25/24 - Form ARS
- 3/25/24 - Form DEFA14A
- VZ's page on the SEC website