(Reuters) – Frontier Communications Corp (NASDAQ ? has filed for bankruptcy in the United States, the broadband Internet company announced on Tuesday as it restructures its finances to reduce borrowing by more than $ 10 billion.
The company, which had warned of its ability to continue operating last month, had discussions with some of its lenders and was also considering restructuring options.
Frontier said it had reached an agreement with its bondholders and received $ 460 million in debtor financing in possession.
“With this agreement with our bondholders, we can now focus on implementing our strategy to increase operational efficiency and position our business for long-term growth,” said the President and Chief Executive Officer direction, Bernie Han.
The Norwalk, Connecticut-based company has estimated its assets and liabilities both in the range of $ 10 billion to $ 50 billion, according to a file filed with the US bankruptcy court for the south (NYSE ? New York district .
Frontier also said it will continue to sell its operations and assets in Washington, Oregon, Idaho and Montana to Northwest Fiber, and will also continue to service and pay its suppliers.
Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage resulting from reliance on the information, including data, quotes, charts and buy / sell signals contained on this website. Please be fully aware of the risks and costs associated with trading in the financial markets, this is one of the riskiest forms of investing possible.