Frontier Communications Helps make Considerable Development in Accelerating Strategic Transformation | Company & Finance

“Frontier is prepared to established a new study course as a revitalized community firm. By the restructuring course of action, the Business has stabilized its small business and recapitalized its stability sheet, though making major progress on the early phases of implementing our preliminary fiber expansion system,” stated John Stratton, incoming Govt Chairman of the Board. “Frontier’s success with the Fiber-to-the-House pilot software, which upgraded much more than 60,000 areas from copper to fiber optic service in 2020, is just 1 instance of the critical operate now underway. Frontier’s long term is shiny. I’m eager to function carefully with our new Board, our CEO Nick Jeffery, and the relaxation of the leadership workforce to construct the new Frontier.”

“The potential of Frontier is an revolutionary, modern-day technological innovation enterprise, poised to deliver future-technology fiber-prosperous infrastructure for our buyers and communities,” stated Nick Jeffery, President and Chief Govt Officer. “Upon emergence, we will have the funds construction and assets to build Frontier as a digital chief with top rated-tier expertise and an entrepreneurial, higher-performance culture. I want to categorical my appreciation to all our stakeholders who have enabled this process. Our staff looks ahead to beginning our future phase of extensive-expression progress and benefit development throughout the small business.”

In connection with the completion of its economical restructuring, Frontier Communications will variety a new eight-member Board of Administrators, effective on emergence from individual bankruptcy, comprised of John Stratton as Executive Chairman of the Board, CEO Nick Jeffery and six very-qualified, impartial administrators.

Mr. Stratton ongoing, “Establishing a new Board is a important element of Frontier’s route forward. This team of executives has comprehensive telecommunications, electronic know-how, infrastructure, finance, human cash management, and regulatory experience, as nicely as strong data of driving best-tier success. As a new Board, we will harness our collective skills, backgrounds and oversight to understand the important benefit-improving alternatives forward of Frontier. Importantly, I would also like to categorical my appreciation to our retiring Board users for their service.”

The members of the new Board are:

• John Stratton, Executive Chairman: Former Executive Vice President and President of Worldwide Functions of Verizon Communications.
• Kevin Beebe, Independent Director: Founding Companion of Astra Funds Management and President and Chief Government Officer of 2B Associates, LLC.
• Lisa Chang, Impartial Director: Senior Vice President and World Main Men and women Officer of The Coca-Cola Enterprise.
• Pamela Coe, Impartial Director: Previous Senior Vice President, Deputy Normal Counsel and Corporate Secretary of Liberty Media Company.
• Nick Jeffery, Director: President and Main Government Officer of Frontier Communications.
• Stephen Pusey, Impartial Director: Senior Advisor to Bridge Growth Associates and previous Chief Engineering Officer of Vodafone.
• Maryann Turcke, Impartial Director: Senior Advisor to the Infrastructure Division for Brookfield Asset Administration and former Chief Operating Officer of the Countrywide Soccer League.
• Pratabkumar “Prat” Vemana, Independent Director: Senior Vice President and Main Electronic Officer of Kaiser Foundation Health and fitness Ideas and Hospitals (Kaiser Permanente).

Supplemental information with regards to Frontier’s new Board of Directors is readily available in the Company’s Court filings and will be readily available on the Company’s Investor Relations web page upon its emergence from Chapter 11.

Nasdaq Investing and Approaching Trader Contact

Frontier’s new common inventory is expected to begin trading on the NASDAQ inventory exchange on Could 4, 2021 beneath the ticker FYBR.

Frontier programs to maintain an investor get in touch with on April 30 at 10 AM Eastern Time. Government Chairman John Stratton, CEO Nick Jeffery, and CFO Sheldon Bruha will lead the simply call, explore Frontier’s persuasive path forward, and current to start with quarter effects. The meeting simply call will be webcast and might be accessed in the Webcasts & Occasions part of Frontier’s Trader Relations website. A problem and remedy session with analysts will abide by the formal presentation.

About Frontier Communications

Frontier Communications Corporation (OTC: FTRCQ) provides a wide range of providers to household and enterprise prospects in excess of its fiber-optic and copper networks in 25 states, which includes online video, high-speed internet, highly developed voice, and Frontier Secure® digital safety methods. Frontier Business™ gives communications alternatives to little, medium, and enterprise organizations.

Ahead-Wanting Statements

This press release contains “ahead-looking statements,” relevant to future situations. Forward-looking statements handle Frontier’s predicted long run enterprise, economical efficiency, and fiscal condition, and incorporate words these as “assume,” “foresee,” “intend,” “system,” “think,” “request,” “see,” “might,” “will,” “would,” or “focus on.” Forward-searching statements by their nature tackle matters that are, to distinctive degrees, uncertain. For Frontier, individual uncertainties that could trigger genuine benefits to be materially distinctive than people expressed in these kinds of ahead-looking statements include: our ability to proceed as a likely problem our capacity to correctly consummate a money restructuring of our present personal debt, current equity passions, and selected other obligations (the Restructuring), and arise from circumstances commenced underneath chapter 11 (the Chapter 11 Scenarios) of the United States Bankruptcy Code, which include by fulfilling equally the ailments in the strategy and the conditions and milestones in the restructuring aid arrangement our ability to enhance our liquidity and extensive-time period cash structure and to handle our credit card debt provider obligations by way of the Restructuring and the opportunity adverse results of the Chapter 11 Scenarios on our liquidity and final results of operations our means to keep associations with suppliers, consumers, workers and other 3rd functions as a consequence of the Restructuring and the Chapter 11 Conditions the results of the Restructuring and the Chapter 11 Situations on Frontier and the passions of several constituents pitfalls and uncertainties associated with the Restructuring, like our capability to satisfy the situations precedent for performance of and productively consummate the Restructuring our ability to comply with the constraints imposed by covenants in our debtor-in-possession funding and expected to be imposed by our exit financing the length of time that Frontier will operate underneath Chapter 11 defense and the ongoing availability of operating capital all through the pendency of the Chapter 11 Situations dangers related with 3rd occasion motions in the Chapter 11 Cases, which may interfere with Frontier’s ability to consummate the Restructuring improved administrative and authorized prices relevant to the Chapter 11 course of action declines in earnings from our voice products and services, switched and nonswitched access and movie and facts solutions that we can not stabilize or offset with boosts in earnings from other merchandise and companies declines in Modified EBITDA relative to historical concentrations that we are unable to offset as a result of likely EBITDA enhancements our ability to correctly implement strategic initiatives, which include alternatives to boost earnings and recognize productiveness advancements our ability to proficiently deal with our operations, operating charges, capital expenditures, financial debt service requirement and dollars compensated for profits taxes and liquidity level of competition from cable, wi-fi and wireline carriers, satellite, and OTT providers, and the risk that we will not answer on a well timed or financially rewarding foundation our potential to effectively adjust to variations in the communications business, together with the consequences of technological improvements and competitiveness on our funds expenses, products and assistance choices pitfalls related to disruption in our networks, infrastructure and details technologies that result in customer decline and/or incurrence of more expenditures the effects of opportunity details engineering or information protection breaches or other cyber-attacks or other disruptions our skill to keep or entice new consumers and to preserve associations with shoppers, employees or suppliers our skill to protected, go on to use or renew mental property and other licenses made use of in our business enterprise changes to our board of directors and management crew upon emergence from individual bankruptcy or in anticipation of emergence, and our ability to retain the services of or retain essential staff our capability to dispose of particular property or asset teams on terms that are desirable to us, or at all the outcomes of changes in the availability of federal and point out universal support funding or other subsidies to us and our competition and our potential to get hold of long term subsidies, which includes expiration of CAF II funding and upcoming RDOF funding and participation in the up coming spherical of the RDOF program our means to satisfy our CAF II and RDOF obligations and the chance of penalties or obligations to return certain CAF II and/or RDOF funds our means to defend towards litigation and most likely unfavorable success from recent pending and long run litigation our capability to comply with relevant federal and condition customer protection prerequisites the results of point out regulatory prerequisites that could limit our capability to transfer dollars amid our subsidiaries or dividend resources up to the mum or dad enterprise the outcomes of governmental laws and regulation on our business enterprise, which includes costs, disruptions, probable restrictions on working adaptability and variations to the aggressive landscape ensuing from these laws or regulation the effects of regulatory, investigative and authorized proceedings and authorized compliance threats federal government infrastructure assignments (this sort of as highway development) that impact our money expenses continued reductions in switched accessibility revenues as a end result of regulation, opposition or technology substitutions our capacity to properly regulate assistance quality in the states in which we run and satisfy mandated provider quality metrics the consequences of variations in revenue tax costs, tax legal guidelines, rules or rulings, or federal or condition tax assessments, which includes the chance that these types of changes may benefit our rivals more than us, as very well as potential potential decreases in the worth of our deferred tax assets the outcomes of improvements in accounting insurance policies or techniques, which includes potential long run impairment rates with regard to our intangible property or supplemental losses on belongings held for sale the results of enhanced health-related costs and pension and postemployment costs our capability to productively renegotiate union contracts modifications in pension plan assumptions, interest fees, price reduction premiums, regulatory rules and/or the worth of our pension plan belongings, which could demand us to make increased contributions to the pension plan in 2021 and further than adverse improvements in economic, political and sector conditions in the locations that we serve, the U.S. and globally, such as but not constrained to, improvements resulting from epidemics, pandemics and outbreaks of contagious conditions, which includes the COVID-19 pandemic, or other adverse community wellness developments prospective adverse impacts of the COVID-19 pandemic on our business enterprise and functions, which includes potential disruptions to the function of our employees arising from health and protection measures this sort of as social distancing and doing work remotely, our potential to effectively deal with elevated desire on our network, our capability to retain interactions with our existing or possible customers and suppliers as well as their abilities to execute less than latest or proposed preparations with us, and strain on our source chain investing price tag and volatility of our popular stock, pitfalls relevant to the delisting of our frequent inventory from the Nasdaq World wide Select Marketplace and the challenges and other elements contained in Frontier’s filings with the U.S. Securities and Trade Commission, which include our most current report on Sort 10-K and the cancellation of our common inventory contemplated by the Strategy. These threats and uncertainties could induce genuine long run effects to be materially unique than these expressed in these kinds of forward-on the lookout statements. Frontier has no obligation to update or revise these forward-searching statements and does not undertake to do so.

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PUB: 04/23/2021 11:45 AM/DISC: 04/23/2021 11:45 AM