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Frontier Communications has announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization, subject to...
The Norwalk company filed for Chapter 11 last week, at the end of which its shares were trading at 22 cents, compared with $2.69 on April 17, 2019.
The Norwalk company lists total debt of $21.9 billion against assets of $17.4 billion. It plans on using the Chapter 11 filing to “generate sufficient liquidity from the restructuring to meet our obligations and operating needs.”
The Norwalk firm -- which has 3.73 million broadband internet subscribers and 838,000 pay television subscribers in the U.S. -- carries a debt load of about $17.5 billion.