Frontier Communications files for bankruptcy
April 15, 2020 - Frontier Communications, one of the larger communication companies serving the Tampa Bay area, has voluntarily filed for Chapter 11 bankruptcy. Frontier (Nasdaq: FTR) said it has a restructuring support agreement with bondholders representing more than 75 percent of Frontier’s $11 billion in outstanding unsecured bonds. The deal is expected to reduce the company's debt by more than $10 billion, according to a news release. Frontier expects to continue providing service to customers without interruption and work with its business partners as usual throughout the court-supervised process, the release said. Frontier bought Verizon's wireline operations in Florida, California and Texas in 2016 for $10.5 billion, giving it a major presence in the Tampa and St. Petersburg areas.