CHARLESTON, WV (WOWK) — The West Virginia Public Service Commission has granted Frontier Communications Corporation approval for its Chapter 11 restructuring.
The company says this restructuring will include investing $200 million over a three-year time period and deploying fiber-optic service to at least 150,000 locations.
“The PSC’s approval is another step toward Frontier’s emergence from Chapter 11 restructuring. A successful restructuring will give Frontier a fresh start, allowing the Company to make investments in its network and operations to expand fiber and enhance services to West Virginia consumers and positions Frontier to continue as a competitive provider of communications services to the customers and communities we serve,Allison M. Ellis, Frontier’s Senior Vice President of Regulatory Affairs
On Jan. 14, 2021, the FCC approved Frontier’s Chapter 11 restructuring and the company expects to complete its previously confirmed Plan of Reorganization and emerge from Chapter 11 in early 2021.
According to the company, this commitment is a joint recommendation by Frontier, the PSC Staff, the Consumer Advocate Division and the Communications Workers of America.
Frontier officials say they expect to complete the final part to expand broadband access to 89,190 locations in West Virginia by Jun. 30, 2021. Frontier won $24.7 million annually as part of the FCC’s Rural Digital Opportunity Fund to deploy fiber-to-the-home gigabit services to 79,391 rural high-cost West Virginia locations starting in 2022.
After its emergence from bankruptcy, Frontier will have reduced its total outstanding indebtedness by more than $10 billion and will move forward with the enhanced financial flexibility to support continued investment in an improved customer experience and long-term growth, according to company officials.
Frontier will have regulatory approvals, or favorable determinations, for its required change-in-control applications related to its court-supervised restructuring from the FCC as well as the states of West Virginia, Ohio, Arizona, Georgia, Illinois, Minnesota, Mississippi, Nebraska, Nevada, New York, Pennsylvania, South Carolina, Texas, Utah and Virginia.