Reduced debt with approximately $ 11 billion and re -capitalized balance to support Remaining transformation
New Executive Management and Board of Directors are obliged to operational expertise and long -term value creation
Implementation of the initial fiber expansion plan to accelerate the construction of fibers and to enable GIG-plus speeds
Performing an extensive overview of the activities of the company to be completed in August
Norwalk, Conn .-- (Business Wire)-
Frontier Communications Parent, inc. ("Frontier Communications" and together with his subsidiaries have announced "border") today that the company has completed its financial restructuring process and has emerged from Chapter 11.Through this process, Frontier has his fault of medchirka $ 11 billion and annual interest charges with around $ 1 billion.
The rise of Frontiers from Chapter 11 follows the receipt of all necessary national and federal approvals, as well as earlier confirmation of the reorganization plan of the company of the US bankruptcy court for the southern district of New York.
As previously announced, the joint share of Frontier is expected to start trade with the Nasdaq -fair under the Ticker symbol FYBR AT Market Open on 4 May 2021.
"Today Frontier is taking a crucial step forward in his eternal strategic transformation, which comes to the fore as a stronger company that is ready to lead in his mission to build Gigabit America," said Nick Jeffery, President and CEO.The right basis for reinventing frontier by accelerating investments in our fiber -upgrades and providing innovative solutions to our customers.To have the opportunity to lead the company when we enter this new chapter. "
Mr.Jeffery continued: “I would like to express my appreciation to our customers, suppliers and business partners for their support through our restructuring.Stronger and with full involvement in supporting success for our stakeholders and delivering a unique experience for our customers. "
John Stratton, executive chairman of the board, said: “Frontier has made considerable progress with his transformation and has a unique potential in his markets.That works closely with Nick, who has a proven track record in our industry, and is in the process of a good start of the border.Also wants to express my appreciation to the pension council of his work on behalf of Frontier and all his stakeholders. "
Operational assessment and initial fiber expansion plan
Frontier has launched a fully operational assessment of his company that will consider all aspects of Frontier's activities, including the approach to building his fiber network, customer involvement, digital strategy, costs and organizational structure and culture., will build on the company's original fiber expansion plan, which was launched during the financial restructuring.
Mr.Jeffery said: "Our original fiber expansion plan is a daring and ambitious company that supports the strategy of the customer interprentations of the borders to become a prose -rich provider with improved competitive positioning in markets with attractive returns.This plan will continue to deliver our obligations to our obligations to our obligations. Provision of reach improvements of our Net Promoter Score, Churn Reduction and broader customer and employee satisfaction is our organization and focused on the successful implementation of our planFrontier's mission will support far into the future. "
As part of the initial fiber expansion plan, Frontier capital implements and follows an extensive fiber construction plan that will accelerate the transformation of the company from an older supplier of copper -based services to a fiber base.-TO-home pilot program obtained from the pilot using planning, technology, construction and marketing knowledge.
Frontier is planning to pass on around 495,000 extra locations in 2021.
As previously announced, in connection with the implementation of the financial restructuring, Frontier Communications has formed a new council council with six highly qualified, independent and various directors.frontier.com.
Om Frontier Communications
Frontier Communications Parent, Inc. offers a number of services to residential and business customers about its fiber optic and copper networks in 25 states, including video, high-speed internet, advanced speech and frontier secure® digital protection.Large and business companies.
Forward -looking statements
This presentation contains "forward -looking statements" related to future events.Removed statements deal with the expected future matters, financial results and financial conditions of Frontier and contain words such as "expected", "expected", ",", "plan", "faith," "" search "," see "," See"See". "May", "Will", "would" or "goal".Goals can ensure that our actual results differ considerably from those in our attacker - look statements, but are not limited to: our ability to realize the expected benefits of the economic restructuring of our existing debts, existing capital interests and certain other obligations under thefifth changed joint plan for reorganizing frontier Communications Corporation and its debtor -connected companies in accordance with Chapter 11 of the bankruptcy code;our ability to meet our speech services, changed and not -that -that -lit access and video and data services that we cannot stabilize or compensate for increases in other products and services;To successfully implement strategic initiatives, including opportunities to improve income and to realize productivity improvements;
Cable, wireless and wire line transporters, satellite and over the top companies and the risk that we will not respond to a timely or profitable basis;Capital costs, products and service bids;Disturbance;our ability to maintain or attract new customers and to maintain relationships with customers, employees or suppliers;After the rise of bankruptcy or pending rise and our ability to hire or retain important staff;Federal and national universal services or other subsidies to us and our competitors and our ability to win future subsidies, including participation in the proposed RDOF program;Our ability to defend against lawsuits and potentially adverse results of the current hanging and future lawsuits;our ability to meet;Landscape due to such legislation or regulations;or technological substitutions;Such changes can benefit our competitors more than we, as well as the potential future decrease in the value of our deferred tax assets;Recorded for sale;Who may require that we make more contributions to the pension plan by 2020 and then;, pandemies and outbreaks of infectious health development;Potential negative effects of the COVID-19 Pandemie at our company and activities, including potential disruptions in the work of our employees that arise from health and safety measures such as social distance management Effective the increased demand for our network, our ability to maintain relationshipsWith our current or potential customers and suppliers, as well as their ability to perform during current or proposed events with us and stress on our supply chain;shares;And the risks and other factors in Frontier's archives for the US Securities and Exchange Commission, including our latest report on form 10-k.Dress risks and uncertainties can lead to forward-looking statements.Fronties are not obliged to update or revise these forward statements and not to think about it.
See source version onbusinesswire.com: https://www.businesswire.com/news/home/20210430005475/da/
Media:
Javier Mendoza
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Vice -president, business communication and external matters
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Investors:
Jacob Noyes
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Manager, Treasury en Investor Relations
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Kilde: Frontier Communications Parent, Inc.
