Frontier Communications has filed Chapter 11 bankruptcy.
The letter sent to investors late-Tuesday outlined the move.
“We are undertaking a proactive and strategic process with the support of our Bondholders to reduce our debt by over $10 billion on an expedited basis,” said Robert Schriesheim, Chairman of the Finance Committee of the Board of Directors in a company press release. “We do not expect to experience any interruption in providing services to our customers… With a recapitalized balance sheet, we will have the financial flexibility to reposition the Company and accelerate its transformation by allocating capital resources and adding talent to enhance our service offerings to our customers while optimizing value for our stakeholders.”
It’s unclear how this will impact customers.
Frontier’s affiliates include Frontier Frontier Communications of Rochester, Inc.