Frontier, Elk Grove's landline telephone provider, about to skip bond payment as it prepares for bankruptcy
https://www.elkgrovenews.net/2020/03/frontier-elk-groves-landline-telephone.html
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.
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