 |
 |
||
|
|
||
Frontier hopes to slash $10B in debt as it flips to Chapter 11 As anticipated, Frontier Communications has filed for Chapter 11 bankruptcy protection in the hopes of slashing about $10 billion of debt and emerging from the process as a company poised for fresh growth. Frontier announced last night it had filed the restructuring plan with the Southern District of New York. Frontier said it expects to continue providing service without interruption during the process. The company says the plan will put it on a path to chop debt by more than $10 billion, noting that it has also locked in commitments for $460 million in debtor-in-possession financing. With $700 million of cash-on-hand factored in, Frontier said it enters the process with $1.1 billion in total liquidity. The telecom said it is moving ahead with the restructuring with approval from more than 75% of its bondholders representing north of the company's $11 billion in outstanding unsecured bonds. Frontier said it expects to provide service to customers without interruption and "work with its business partners as usual throughout the court-supervised process." It also believes it has enough liquidity to meet ongoing obligations, noting that "trade vendors will be unimpaired for both pre- and post-petition obligations." Even as it moves to restructure, Frontier confirmed it is pushing ahead with the sale of its Washington, Oregon, Idaho and Montana operations and assets to WaveDivision Capital for $1.3 billion, with an expected close on April 30. In 2019, Frontier lost 313,000, or 8%, of its residential customers, including a 5% drop in consumer broadband subs, primarily due to its rivals offering more attractive pricing or higher speeds. Frontier also lost 20% of its video sub base (offered through the company's own Fios and Vantage-branded services or through resale of Dish Network satellite TV) in 2019 as customers moved to other providers, including new OTT-delivered video offerings. For more about the process and Frontier's lack of investment in fiber and network upgrades that helped to put the company in this predicament, please see this story at Light Reading: Frontier files for Chapter 11 with plan to cut debt by more than $10B.
Related posts:
— Jeff Baumgartner, Senior Editor, Light Reading, special to Broadband World News |
Charter has sparked RDOF work in all 24 states where it won bids. The cable op booked about $19 million in RDOF revenues in Q1, and expects to have about $9 million per month come in over the next ten years.
Launch of 2-Gig and 5-Gig FTTP tiers in 70-plus markets puts more pressure on cable ops to enhance their existing DOCSIS 3.1 network or accelerate their upgrade activity centered on the new DOCSIS 4.0 specs.
Ziply Fiber, an operator that tangles with Comcast and Charter, has launched two multi-gigabit tiers in 60 urban areas, aiming for all markets by Q2 2022.
Elon Musk's nascent broadband will need to radically accelerate the rate of satellite launches – and navigate tricky supply chain logistics – if it's going to come close to fulfilling its global ambition.
MoffettNathanson questions whether mobile operators will have the network capacity and the right business metrics to back their aggressive stance and forecasts for fixed wireless home broadband.
 WebinarsARCHIVED
Wednesday, September 14, 2022
1:00 p.m. New York / 6:00 p.m. London When your broadband business adds new services and connected devices, do they also add complexity, slowing customer support teams as they navigate multiple data sources to uncover connectivity issues? We’ve worked with hundreds of support teams to help them implement a subscriber experience management platform that gives greater visibility into subscriber issues. They can proactively troubleshoot amid complexity—improving the subscriber experience and raising customer satisfaction ratings like Net Promoter Scores. Join this webinar with experts from Calix and global research leader Omdia who will share exclusive research about how you can:
|
|
|
||
