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