NORWALK, Conn. (WTNH) — Telecommunications company Frontier Communications says it has filed for Chapter 11 bankruptcy.
In an announcement Tuesday, the company says it has entered into a Restructuring Support Agreement with bondholders representing more than 75 percent of its $11 billion in outstanding unsecured bonds.
Frontier plans to reduce its debt by more than $10 billion.
If the Bankruptcy Court approves it, Frontier’s liquidity will total over $1.1 billion, which Frontier says will help with the company’s operational and restructuring needs.
The sale of Frontier’s Washington, Oregon, Idaho, and Montana operations and assets to Northwest Fiber will still move forward upon Court approval.
Frontier says customers should not expect any interruption to their services at this time.
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