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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
(Score: 2) by RS3 on Tuesday January 21 2020, @06:00PM
Oh, I don't disagree with you either. I know all about bankruptcy and how things work. I try to be as brief as possible when writing a post, so I assume people know stuff and the backstory. I was referring to cases where company principals get huge salaries and bonuses, then sell off stock before the house of cards begins to fall. "Insider trading"? Maybe, but difficult to prove and prosecute.
It's all a giant pyramid scheme anyway.
This next thing is a very long-term philosophical discussion, like years or more than a lifetime: economics is one thing, but then you have to factor in the layer of finance and interest and things go off the rails. It's so interconnected complex. People make decisions about where to put their money based on return, right? But what if much of the gain is just financing financing, rather than invest in a new medication? Big pyramid scheme.
20-ish years ago I got invited to some financial seminar. I rarely get those things, and I usually assume it's some kind of scan, pyramid scheme, MLM, etc. Probably just pure curiosity, but I went. It was simple. They showed solid numbers for investment returns of CD, savings account, mutual funds, real estate, money markets, futures markets, stock return ranges, etc. Then they showed us the real money: financing credit card debt. It's insane. It's huge money, and if you think about it, someone is financing credit card debt. It's not well advertised, because those who are making the huge returns have been successfully keeping it very quiet.
It's all much too much for my brain right now- much more immediate problems in my life...