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FTR - Frontier Communications Shareholders Are Getting Wiped Out Under The Bankruptcy Plan
Frontier Communications Corporation
As expected, Frontier Communications (FTR) filed for Ch.11 bankruptcy very late April 14 in the Southern District of New York (docket 1 is actual filing form). Under the terms of the pre-packaged bankruptcy plan, FTR shareholders will receive no recovery. The current shares will be cancelled on Ch.11 reorganization plan's effective date. Unsecured noteholders will receive equity in the new company, new notes, and cash. Despite expecting to close on the $1.352 billion cash sale of assets to Northwest Fiber "on or about April 30," they are getting $460 million DIP financing.