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January 20, 2020 10:10 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/ZUpRCcL_5yo/frontier-an-isp-in-29-states-plans-to-file-for-bankruptcy
Frontier, an ISP In 29 States, Plans To File For Bankruptcy
An anonymous reader quotes a report from Ars Technica: Frontier Communications is planning to file for bankruptcy within two months, Bloomberg reported last week. The telco "is asking creditors to help craft a turnaround deal that includes filing for bankruptcy by the middle of March, according to people with knowledge of the matter," Bloomberg wrote. Frontier CEO Bernie Han and other company executives "met with creditors and advisers Thursday and told them the company wants to negotiate a pre-packaged agreement before $356 million of debt payments come due March 15," the report said. The move would likely involve Chapter 11 bankruptcy to let Frontier "keep operating without interruption of telephone and broadband service to its customers." Frontier reported having $16.3 billion in long-term debt as of September 30, 2019. Frontier offers residential and business services in 29 states over its fiber and copper networks. Frontier offers broadband, TV, and phone services and reported revenue of $2 billion and a net loss of $345 million in the most recent quarter. Frontier has been losing customers and reducing its staff. Its residential-customer base dropped from 4.15 million to 3.81 million in the 12-month period ending September 30, 2019, including a loss of 90,000 customers in the most recent quarter. Also in that 12-month period, Frontier's business-customer base declined from 422,000 to 381,000. Meanwhile, Frontier had 19,132 employees as of September 30, 2019, down from 21,375 one year earlier. Frontier's financial performance last year was so bad that it refused to take any questions from investors during its quarterly earnings call in August. Frontier is in the process of selling its operations in Washington, Oregon, Idaho, and Montana to WaveDivision Capital.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/ZUpRCcL_5yo/frontier-an-isp-in-29-states-plans-to-file-for-bankruptcy
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