The Honorable Robert D. Drain granted Frontier Communications Corporation an extension of the period within which the Debtors have the exclusive right to file a bankruptcy-plan through and including February 8, 2021, and to solicit acceptances of the plan through and including April 9, 2021.
In roughly four months since the Petition Date on April 14, 2020, the Debtors noted that they have made substantial progress, including smooth transitioning of their business operations into Chapter 11, developing a business plan, and commencing solicitation on a Chapter 11 plan.
The Debtors believed that the 180-day extension of the exclusivity period will permit them to proceed toward the goal of confirming a value-maximizing chapter 11 plan of reorganization in an efficient, organized fashion.
On August 17, 2020, the Debtors have filed a Fourth Amended Joint Plan of Reorganization. A virtual hearing to consider confirmation of the Amended Plan and entry of the proposed Confirmation Order is scheduled with the Court for August 21 at 10:00 a.m., prevailing Eastern Time.
About Frontier Communications
Frontier Communications Corporation (OTCMKTS: FTRCQ) is a publicly held provider of telecommunication services and the fourth Incumbent Local Exchange Carrier in the U.S., offers a variety of services to residential and business customers over its fiber-optic and copper networks in 29 states, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions.
Frontier Communications Corporation and 103 related entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on April 14, 2020. The Honorable Robert D. Drain oversees the cases.
Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore as financial advisor; and FTI Consulting, Inc., as restructuring advisor. Prime Clerk is the claims agent.
The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in Debtors’ Chapter 11 cases. The Committee tapped Kramer Levin Naftalis & Frankel LLP as its counsel; Alvarez & Marsal North America, LLC as financial advisor; and UBS Securities LLC as investment banker.
On July 10, 2020, the Court denied a motion to dismiss the chapter 11 cases and denied in part and adjourned in part a motion to appoint a trustee or examiner.