Frontier Communications Corporation (OTC: FTRCQ) Thursday announced the California Public Utilities Commission has unanimously voted to approve its emergence from Chapter 11. Having already received all other required state and federal approvals, the Company expects to successfully emerge from Chapter 11 in the coming weeks.
Frontier now has regulatory approvals, or favorable determinations, for its required change-in-control applications related to its court-supervised restructuring process from ten states: Arizona, Georgia, Illinois, Minnesota, Nebraska, Nevada, New York, South Carolina, Utah and Virginia.
In a statement, Frontier said its emergence from Chapter 11 will:
- Enable the company to become a stronger partner for customers and keep it connected to what matters most
- Significantly improve its capital structure and reduce its debt by more than $10 billion
- Provide significant financial flexibility to accelerate its transformation, invest in infrastructure and drive efficiencies
“As a result of this restructuring process,” the statement read, “we will be better positioned to accelerate investments in upgrading our network reliability and speeds, delivering new innovative solutions, adding top–tier talent to our organization and becoming an even stronger provider for existing and new customers.”
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