WV PSC approves Frontier’s Emergence from Chapter 11
CHARLESTON, W.Va. (WSAZ) - The West Virginia Public Service Commission has approved Frontier Communications Corporation’s Chapter 11 restructuring.
This means Frontier has made a commitment to invest $200 million over three years and to deploy fiber optic facilities to at least 150,000 locations in West Virginia.
The announcement was made on Wednesday.
“The PSC’s approval is another step toward Frontier’s emergence from Chapter 11 restructuring. A successful restructuring will give Frontier a fresh start, allowing the Company to make investments in its network and operations to expand fiber and enhance services to West Virginia consumers and positions Frontier to continue as a competitive provider of communications services to the customers and communities we serve,” said Allison M. Ellis, Frontier’s Senior Vice President of Regulatory Affairs.
The Company has regulatory approvals for its required change-in-control applications related to its court-supervised restructuring from the Federal Communications Commission and from 15 states: Arizona, Georgia, Illinois, Minnesota, Mississippi, Nebraska, Nevada, New York, Ohio, Pennsylvania, South Carolina, Texas, Utah, Virginia and West Virginia.
Frontier says they expect to promptly consummate the transactions contemplated under its previously confirmed Plan of Reorganization and emerge from Chapter 11 in early 2021.
The company says one they get out of Chapter 11, they will have reduced the total of outstanding indebtedness by more than $10 billion. They will then support the continued investment in an improved customer experience and long-term growth.
The FCC approved Frontier’s Chapter 11 restructuring on January 14. Frontier recently reported to the FCC that it expects to finish the final stage of its Connect America Fund Phase II deployments, that expand 10/1 Mbps broadband access to 89,190 locations in West Virginia, by June 30, 2021. As part of the FCC’s Rural Digital Opportunity Fund, Frontier successfully won $24.7 million annually to deploy fiber-to-the-home gigabit services to 79,391 rural high-cost West Virginia locations starting in 2022.
Frontier Communications filed for Chapter 11 bankruptcy protection in April 2020. For our previous coverage, click here.
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