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Frontier Communications has successfully completed its Chapter 11 financial restructuring, reducing its debt by approximately $11 billion and annual interest expenses by $1 billion. The company is now positioned to accelerate its transformation into a leading telecommunications firm through investments in fiber infrastructure and innovation. Trading under the ticker FYBR is set to begin on NASDAQ on May 4, 2021. Frontier plans to expand its fiber network significantly, aiming to connect over 6 million homes and businesses with Gig-plus speeds, further enhancing its market presence.
Frontier Communications reported Q1 2021 revenue of $1.68 billion, a 6.3% decline from Q1 2020. While Data and Internet Services revenue fell by $13 million, fiber broadband revenues increased by $19 million. The company added 11,000 consumer fiber customers, marking seven consecutive quarters of growth. Adjusted EBITDA was $670 million with a margin of 40%. Capital expenditures rose to $384 million for fiber expansion. Frontier plans to expand its fiber footprint to an additional 495,000 locations in 2021, reflecting its focus on growth despite revenue challenges.
Frontier Communications (OTC: FTRCQ) announced its plan to emerge from Chapter 11 bankruptcy on April 30, 2021, after securing all necessary regulatory approvals. The restructuring has allowed the company to stabilize its business and enhance its balance sheet while progressing on its fiber expansion initiative, upgrading over 60,000 locations from copper to fiber in 2020. A new eight-member Board of Directors will be established, featuring experienced leaders from various industries. Frontier aims to commence trading on NASDAQ under the ticker FYBR on May 4, 2021, signaling a new strategic direction.
Frontier Communications Corporation (OTC: FTRCQ) announced that the California Public Utilities Commission unanimously approved its emergence from Chapter 11 bankruptcy. With all necessary state and federal approvals now secured, the company anticipates exiting Chapter 11 in the coming weeks. Frontier has enlisted Kirkland & Ellis LLP as legal advisor and Evercore as financial advisor to navigate their restructuring process.
For further details on Frontier's financial restructuring, visit www.frontierrestructuring.com.
Frontier Communications has appointed Veronica Bloodworth as Executive Vice President and Chief Network Officer, effective immediately. Bloodworth, with over 28 years of experience, will oversee the network operations including the company's Modernization Plan. Previously at AT&T, she led significant infrastructure developments, deploying fiber services to over 14 million customers. This appointment aims to enhance Frontier's operational performance and customer experience, as noted by CEO Nick Jeffery, who also announced Steve Gable's transition to Chief Digital and Information Officer.
Frontier Communications is responding to severe winter storms affecting power and public systems across several states. The company is focused on maintaining network resiliency and ensuring a swift response to service disruptions due to power outages and storm damage. Customers may experience temporary interruptions in telephone and Internet services. Frontier emphasizes its commitment to restoring services and encourages customers to prepare for potential communication challenges. For assistance, customers can reach out to the 24-hour support services.
Frontier Communications (OTC: FTRCQ) announced FCC approval for its Chapter 11 restructuring. This approval, alongside favorable determinations from 13 states, allows Frontier to act on its Plan of Reorganization. The company aims to reduce its debt by over $10 billion and expects to emerge from Chapter 11 in early 2021 with better financial flexibility. CEO Bernie Han emphasizes the progress made with regulators, while USTelecom's Jonathan Spalter highlights the FCC's decision as crucial for the company's future service delivery.
Frontier Communications is preparing for a winter storm expected from Dec. 16 to Dec. 17, bringing up to 17 inches of snow and winds up to 45 mph across southern Connecticut, southeast New York, Pennsylvania, and West Virginia. The Emergency Response Center is activated, with teams strengthening facilities and readying for network disruptions. Customers are advised to prepare a communications kit and prioritize safety. Post-storm, Frontier's broadband service may be impacted due to power outages, but routers are designed to auto-reconnect. Customer support is available for service issues.
Frontier Communications Corporation (OTC: FTRCQ) announces the appointment of Nick Jeffery as the new President and CEO, effective March 1, 2021. He succeeds Bernie Han, who will remain on the Board to assist with the transition. Jeffery, with nearly 30 years of experience in telecommunications, previously led Vodafone UK through a successful turnaround, achieving revenue growth and improved customer satisfaction. The appointment follows a thorough search process by a committee comprising noteholders and Board members.
