Creative Loafing
This afternoon, Frontier Communications announced that they have filed for Chapter 11 bankruptcy.
In a press release, the company promised remaining customers that its cable and internet services won’t get any worse.
“Frontier expects to continue providing quality service to its customers without interruption and work with its business partners as usual throughout the court-supervised process. The Company has sufficient liquidity to meet its ongoing obligations,” said Frontier.
Frontier, which is one of two major cable internet providers in Tampa Bay along with Spectrum, filed for bankruptcy in the Southern District of New York. The company says the filing will allow them to “reduce our debt by more than $10 billion.”
“With this agreement with our Bondholders, we can now focus on executing our strategy to drive operational efficiencies and position our business for long-term growth,” said Bernie Han, President and Chief Executive Officer in the press release. “At the same time, the COVID-19 pandemic continues to impact the entire business community, and our team is focused on ensuring the health and safety of our employees and customers. The services we provide to our customers keeps them connected, safe and informed, and I would like to thank our team for their continued dedication, especially in light of the current environment.”
Frontier says they’re betting on a $1.4 billion sale of operations to Northwest Fiber by April 30.
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Republished with permission of Creative Loafing Tampa Bay.
