Frontier, Elk Grove's landline telephone provider, about to skip bond payment as it prepares for bankruptcy



Elk Grove's longtime landline telephone and internet provider is reportedly preparing to skip a bond payment in a run-up to a bankruptcy filing.

As reported by Bloomberg, Norwalk, Connecticut-based Frontier Communication will skip bond payments that are due on March 15 as it prepares for a Chapter 11 bankruptcy. On the news of the default, Frontier shares plunged 22-percent in intraday trading to 30 cents a share.

Frontier's trouble stem from their 2009 purchase of Verizon's landline service where they took on $10.5 billion in debt to finance the purchase. Currently Frontier carries $17.5 billion in long-term debt.

Along with their debt load, Frontier has been losing customers who no longer maintain traditional landlines. Locally, Frontier has also been plagued by spotty internet service. 
  
Copyright by Elk Grove News © 2020. All right reserved.










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