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posted by Fnord666 on Tuesday January 21 2020, @09:59AM   Printer-friendly
from the routine-bankruptcy dept.

Arthur T Knackerbracket has found the following story:

Frontier Communications is planning to file for bankruptcy within two months, Bloomberg reported last week.

The telco "is asking creditors to help craft a turnaround deal that includes filing for bankruptcy by the middle of March, according to people with knowledge of the matter," Bloomberg wrote.

Frontier CEO Bernie Han and other company executives "met with creditors and advisers Thursday and told them the company wants to negotiate a pre-packaged agreement before $356 million of debt payments come due March 15," the report said. The move would likely involve Chapter 11 bankruptcy to let Frontier "keep operating without interruption of telephone and broadband service to its customers."

Frontier reported having $16.3 billion in long-term debt as of September 30, 2019.

-- submitted from IRC


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  • (Score: 4, Interesting) by VLM on Tuesday January 21 2020, @04:51PM (1 child)

    by VLM (445) Subscriber Badge on Tuesday January 21 2020, @04:51PM (#946394)

    There's been such an infinite number of mergers, I wonder if any of my former employers are part of the crashing empire. Shit... maybe?

    Its a very stereotypical post modernist problem to have to struggle and google search to figure out if an employer is part of a megacorporate collapse or not, LOL.

    I was not involved in the Worldcomm collapse, although their collapse didn't help one of my former employers given the unrecoverable accounts receivables losses from them.

    I understand Scott Adams the cartoonist went thru the same stuff I did, where you can sit at the same desk for a couple years doing the same job for more than one new corporate owner per year.

    That's a shared life experience for anyone in telecommunications post bell divestiture in '82-'84 ish timeframe.

    Honestly stuff like this is why I don't miss working in the telecom industry anymore. ALL telecom companies are a variation on financialization schemes where the company that takes the least insane risks gets bought out or undercut by the more insane risk takers then goes bankrupt, meanwhile the craziest risk taker goes bankrupt, because they're crazy risk takers. Wouldn't matter if there were a happy medium, but most of the companies are in the overlaping venn diagram circles, LOL ! Honestly the whole telecom industry is like a bad board game monopoly except the game is rigged so even the "winner" ends up getting repo'd by the bank eventually.

    Arguably its a capitalism problem where nobody can properly price in risk for companies that are highly capital intensive, while also being highly labor intensive services kinda at the same time. Just a huge mess.

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  • (Score: 4, Interesting) by Ethanol-fueled on Tuesday January 21 2020, @07:14PM

    by Ethanol-fueled (2792) on Tuesday January 21 2020, @07:14PM (#946484) Homepage

    I'm also noticing a lot of big buyouts from investment firms, not only when my employer Boston Dynamics got bought out but also lot of other fairly-well-known-in-the-biz aerospace/defense companies.

    And what that means, of course, is that those firms gut the living shit out of the companies they buy ("building them up, they call it") to give misleading profitability figures when the investment firm sells them off, leaving the boardmembers (some or all don't know jack shit about technology) to pocket handsomely from the sale. In my case the stakes are pretty low since my living expenses are also low (and I'm spending a lot more time here as a result of mandatory furloughs), but if I had a family or other obligations, I'd bail the second I found out my employer was going to be bought out by an investment firm.

    If you think cross-corporate buyouts and mergers were bad, you ain't seen nuthin' yet.