Representatives of holders of unsecured senior notes issued by Frontier Communications Corporation (OTCMKTS: FTRCQ) have announced that they have selected John Stratton to serve as Executive Chairman of the Board of Directors upon Frontier´s emergence from Chapter 11, the company said.
Stratton became a Board Observer at Frontier in May of 2020 after he was selected by creditors in connection with Frontier´s restructuring. As a Board Observer, Stratton has supported Frontier´s Finance Committee as it developed a strategic plan focused on delivering profitable growth through (i) the delivery of high-speed broadband service to customers across 25 states, (ii) driving operational efficiency, industry-leading customer service, and network reliability, (iii) strategic investments to extend the Company´s best-in-class fiber broadband service within its existing footprint and in adjacent markets; and (iv) identifying and recruiting key talent to support the Company´s efforts.
Stratton retired from Verizon Communications in 2018. During his 25 years with the company, he held multiple executive and leadership positions and played a pivotal role in positioning Verizon as the US wireless carrier.
The US Bankruptcy Court for the Southern District of New York confirmed the Company´s Plan of Reorganization on August 21, 2020. The Company is targeting emergence from Chapter 11 in early 2021.
Ducera Partners LLC and Houlihan Lokey Inc. are serving as financial advisors and Akin Gump Strauss Hauer & Feld LLP and Milbank LLP are serving as legal advisors to representatives of noteholders of Frontier.