Frontier Communications Corp., the provider of telecom services in 29 states [including MN], is asking creditors to help craft a turnaround deal that includes filing for bankruptcy by the middle of March, according to people with knowledge of the matter.
Company executives including Bernie Han, Frontier’s new chief executive officer, met with creditors and advisers Thursday and told them the company wants to negotiate a pre-packaged agreement before $356 million of debt payments come due March 15, the people said. They asked not to be identified because the meeting was private.
So what does this mean?
A representative for Frontier declined to comment. Such deals typically involve a Chapter 11 bankruptcy, which would allow the company to keep operating without interruption of telephone and broadband service to its customers.
