Federal Communications Commission Approves Frontier’s Chapter 11 Restructuring | Enterprise & Finance

Frontier expects to immediately consummate the transactions contemplated beneath its previously verified System of Reorganization and emerge from Chapter 11 in early 2021. On emergence, Frontier will have lessened its full exceptional indebtedness by a lot more than $10 billion and will shift ahead with improved monetary adaptability to aid continued financial investment in an improved consumer encounter and prolonged-expression advancement.

“We continue to make critical progress in our constructive engagement with regulators throughout our support territories, and this approval from the FCC marks a significant milestone,” said Bernie Han, President and Chief Executive Officer. “We carry on to await acceptance in just four states and are functioning to expedite those approvals to empower the Firm to arise from Chapter 11. Our group remains centered on our transformative tactic to fortify our economic foundation, enhance our operations and improve our buyer practical experience during the U.S.”

Jonathan Spalter, President and CEO of USTelecom explained, “We are delighted by the FCC’s affirmative selection for Frontier. Far more than at any time, Frontier serves a important operate in providing vital telecommunications solutions. This selection is a main action towards properly completing the Company’s restructuring, enabling it to go forward in delivering products and services to its customers and creating added benefits for communities across the U.S.”

The U.S. Individual bankruptcy Court for the Southern District of New York confirmed the Company’s Strategy of Reorganization in August 2020.

Kirkland & Ellis LLP is serving as authorized advisor, Evercore is serving as money advisor and FTI Consulting, Inc. is serving as restructuring advisor to the Firm.

About Frontier Communications

Frontier Communications Corporation (OTC: FTRCQ) gives a wide range of products and services to household and business customers above its fiber-optic and copper networks in 25 states, together with movie, high-velocity net, highly developed voice, and Frontier Secure® digital defense remedies. Frontier Business™ features communications remedies to tiny, medium, and company organizations.

Ahead-Wanting Statements

This press release has “forward-looking statements” similar to potential occasions. Ahead-seeking statements handle Frontier Communications’ anticipated long run enterprise, fiscal general performance, and monetary ailment, and comprise terms this sort of as “count on,” “anticipate,” “intend,” “program,” “feel,” “request,” “see,” “may,” “will,” “would,” or “target.” Ahead-wanting statements by their character tackle matters that are, to diverse degrees, uncertain. For Frontier Communications, particular uncertainties that could lead to precise outcomes to be materially various than those expressed in these kinds of ahead-looking statements contain: our skill to carry on as a heading problem our ability to correctly consummate the restructuring of our existing debt, current equity interests, and particular other obligations (the “Restructuring”), and emerge from the Chapter 11 Circumstances in Individual bankruptcy Courtroom, which includes by fulfilling both the problems in the Prepare and the situations and milestones in the restructuring assistance agreement our ability to enhance our liquidity and very long-term capital structure and to handle our credit card debt services obligations through the Restructuring and the probable adverse results of the Chapter 11 Cases on our liquidity and benefits of functions our capacity to keep relationships with suppliers, consumers, workforce and other 3rd get-togethers as a consequence of the Restructuring and the Chapter 11 Conditions the outcomes of the Restructuring and the Chapter 11 Instances on us and the passions of different constituents threats and uncertainties associated with the Restructuring, like our capacity to fulfill the ailments precedent for usefulness of and successfully consummate the Restructuring in accordance with the System less than the Chapter 11 Instances our skill to comply with the limitations imposed by covenants in our debtor-in-possession financing and predicted to be imposed by our exit funding the length of time that we will work below Chapter 11 protection and the ongoing availability of working money all through the pendency of the Chapter 11 Scenarios challenges involved with third get together motions in the Chapter 11 Situations, which may interfere with the Company’s means to consummate the Restructuring amplified administrative and legal costs linked to the Chapter 11 procedure declines in profits from our voice products and services, switched and nonswitched entry and online video and details providers that we can’t stabilize or offset with raises in income from other items and companies our potential to correctly employ strategic initiatives, together with chances to boost revenue and notice productivity advancements our capability to correctly regulate our functions, functioning costs, funds expenses, debt service requirement and income paid out for cash flow taxes and liquidity competitors from cable, wireless and wireline carriers, satellite, and about the prime firms, and the threat that we will not answer on a timely or lucrative foundation our means to successfully modify to alterations in the communications market, including the results of technological alterations and opposition on our capital expenses, products and solutions and provider choices risks relevant to disruption in our networks, infrastructure and details technologies that consequence in purchaser reduction and/or incurrence of added bills the influence of probable info engineering or data security breaches or other cyber-attacks or other disruptions our capability to retain or draw in new customers and to maintain interactions with clients, workforce or suppliers our skill to safe, proceed to use or renew mental assets and other licenses applied in our small business alterations to our board of administrators and management group on our emergence from bankruptcy or in anticipation of emergence, and our potential to employ or retain essential personnel our capability to dispose of selected belongings or asset teams on conditions that are desirable to us, or at all the consequences of improvements in the availability of federal and point out common services funding or other subsidies to us and our competitors and our potential to get upcoming federal and condition common support funding and other subsidies our skill to meet up with our Hook up The us Fund (“CAF”) Section II obligations and the possibility of penalties or obligations to return specified CAF Stage II funds our capability to defend towards litigation and likely unfavorable success from current pending and long run litigation our capacity to comply with relevant federal and point out shopper protection necessities the effects of point out regulatory demands that could restrict our potential to transfer funds among our subsidiaries or dividend funds up to the guardian firm the effects of governmental legislation and regulation on our small business, like costs, disruptions, feasible limits on functioning flexibility and alterations to the aggressive landscape resulting from this kind of legislation or regulation the effect of regulatory, investigative and authorized proceedings and lawful compliance dangers authorities infrastructure initiatives (these types of as freeway development) that effect our funds expenses ongoing reductions in switched entry revenues as a result of regulation, level of competition or know-how substitutions our capacity to effectively manage support quality in the states in which we function and fulfill mandated service excellent metrics the outcomes of improvements in income tax premiums, tax legal guidelines, polices or rulings, or federal or point out tax assessments, which includes the chance that such modifications may perhaps gain our competitors extra than us, as very well as possible long run decreases in the price of our deferred tax assets the outcomes of improvements in accounting insurance policies or techniques, which includes opportunity future impairment rates with respect to our intangible belongings or further losses on belongings held for sale the results of amplified professional medical charges and pension and postemployment bills our capacity to correctly renegotiate union contracts variations in pension approach assumptions, curiosity prices, discount premiums, regulatory regulations and/or the price of our pension plan assets, which could need us to make enhanced contributions to the pension system in 2020 and over and above adverse variations in financial, political and industry problems in the parts that we serve, the U.S. and globally, such as but not confined to, improvements resulting from epidemics, pandemics and outbreaks of contagious health conditions, like the COVID-19 pandemic, or other adverse general public wellbeing developments and opportunity adverse impacts of the COVID-19 pandemic on our business enterprise and functions, such as likely disruptions to the operate of our personnel arising from overall health and basic safety steps these as social distancing and doing the job remotely, our potential to properly regulate greater desire on our network, our capability to preserve associations with our current or prospective buyers and suppliers as effectively as their skills to perform below latest or proposed preparations with us, and anxiety on our provide chain. Ahead-looking statements are also subject to the threat variables and cautionary language described from time to time in the reports the Business information with the U.S. Securities and Exchange Commission, which include those in the Company’s most new Once-a-year Report on Type 10-K and any updates thereto in the Company’s Quarterly Reviews on Sort 10-Q and Present-day Studies on Sort 8-K. These pitfalls and uncertainties could lead to actual upcoming effects to be materially different than those people expressed in this sort of ahead-searching statements. Frontier Communications has no obligation to update or revise these forward-looking statements and does not undertake to do so.

Vice President, Corporate Communications and External Affairs

Joele Frank Wilkinson Brimmer Katcher

Sr. Analyst, Treasury and Investor Relations

Keyword: CONNECTICUT UNITED STATES NORTH The united states

Sector Keyword: Technology UTILITIES Cell/Wireless Strength NETWORKS World-wide-web

Resource: Frontier Communications Company

Copyright Company Wire 2021.

PUB: 01/15/2021 05:55 AM/DISC: 01/15/2021 05:56 AM