Frontier to emerge from bankruptcy with new team in place
Frontier Communications has passed the last hurdle in emerging from last year’s bankruptcy, after the support of Californian authorities.
The company, which went into chapter 11 bankruptcy protection on 14 April 2020, said the California Public Utilities Commission had unanimously voted to approve its emergence.
The Federal Communications Commission (FCC) approved the plan in January.
“Having already received all other required state and federal approvals, the company expects to successfully emerge from chapter 11 in the coming weeks,” said Frontier, which will start its new life with a refreshed management team.
Former Vodafone UK CEO Nick Jeffery (pictured) became CEO on 1 March, following the announcement of his appointment in December.
Under the deal to come out of bankruptcy, bondholders with more than $11 billion worth of outstanding unsecured bonds agreed a restructuring support agreement. That will reduce debt by more than $10 billion and cut $1 billion off annual interest payments.
As part of its post-bankruptcy reconstruction, last week the Frontier hired Veronica Bloodworth from AT&T to be executive VP and chief network officer. She will report directly to Jeffery and oversee all of Frontier’s network operations, including those related to its modernisation plan.
Bloodwort was senior VP of construction and engineering for AT&T, leading the planning, design, construction and capital maintenance of the wireline and wireless network infrastructure across a national footprint.
Steve Gable, who was CTO, will take on the new role of chief digital and information officer, leading Frontier’s digital transformation.
Jeffery said about Bloodworth: “With her wireline and wireless network management expertise, she will strengthen our team and improve our performance across the company.”