Frontier Communications Corporation (OTCMKTS: FTRCQ) has announced that the US Bankruptcy Court for the Southern District of New York has confirmed the Company´s Plan of Reorganization (the “Plan”), subject to final documentation, the company said.
Upon emergence, the Company will have reduced its total outstanding indebtedness by more than USD 10 billion and have achieved significant financial flexibility to support continued investment in its long-term growth. The Company expects to complete its restructuring and successfully emerge from Chapter 11, following the completion of the regulatory approval process.
Since commencing its in-court restructuring, Frontier has secured regulatory approvals or favorable determinations in six states and is progressing with the remaining regulatory approvals. Upon completion of this process, Frontier expects to promptly consummate the transactions contemplated under the Plan and emerge from its in-court restructuring process.
Kirkland & Ellis LLP is serving as legal advisor, Evercore is serving as financial advisor and FTI Consulting, Inc. is serving as restructuring advisor to the Company.
Frontier Communications offers a variety of services to residential and business customers over its fiber-optic and copper networks in 25 states, including video, high-speed Internet, advanced voice, and Frontier Secure® digital protection solutions.