Heard from a reliable source that Frontier is filing for bankruptcy in the first week of January 2020.
Anyone else confirm this?
22 replies (most recent on top)
SO, original poster - did that bankruptcy get filed the first week of January? No it didn't. Seems like your reliable source isn't so reliable. Everybody knows someone who knows something..... OR NOT!
I'd be surprised if they filed prior to the closing of the NorthWest sale. They plan on using approx $1b of NOL carryforwards to cover the taxes related to this sale. If they were to file prior to this closing the NOLs would go away and not be available for FTR to use anymore.
Even those who want FTR to file would not want the government to be ahead of them in line to the tune of $200m (the tax cut from the gain on the sale) and we all know that taxes come first in line when the bills start getting paid again.
Can’t get here soon enough. Get on with the show!
During CT EVSP process, HR kept repeating 1/15/2020 as a possible date.
Milliman is an administrator, JP Morgan is the Trustee with the funds.
Look up Frontier Communications 3rd quarter results ending September 30,2019.
FTR fiscal year is the same as a calendar year. It start on Jan 1 and ends Dec 31st.
4th quarter starts in November. Hence 3rd quarter report on November 5th...do the math....4 quarters per fiscal year not calenders year. January is part of the 4th quarter, not the start of a fiscal year.
1st quarter starts in January and ends inMarch
Frontier will be announcing Chapter 11 in 1st quarter next year, which starts in March.
To retire with lump sum you prolly already missed the window. Depends when in the process they honor the lump sum request.
What I mean is, filing for retirement to receive pension requires I think 45 days notice to Milliman and then they give you an "earliest dates" to pick for retirement based on the filing.
So if Milliman has to finish their 45 day process or whatever before you can "lock up" a lump sum check, those who haven't filed yet may have already missed the boat. If the purely speculative January bankruptcy rumors are true that is.
The id–ts who keep saying FTR can’t file until the North West is sold are the same id–ts who never believed the stock would drop under $1.00. The sooner FTR files BK the better. Lump Sum Pension obligations will be frozen. Clock ⏰ is ticking over for you old timers, you got less then 20 days to retire and run with your money 💰
Such financial geniuses on here. Probably the same people who think everything is going to be ok.
Name your source
They can’t do bankruptcy until the northwest is sold.
Nothing will stop the bleeding ,the attorneys all ready have the chapter 11 paper work filled out.
Too much cash flow where?????? The company is $17,000,000,000 in the red. There is no cash flow, hence the reason for filing bankruptcy.
Sign. Stop with the rumors. The company has too much cash flow to file until at least the end of the first quarter of 2020. So ask again in April
Seems like they'd wait for the northwest properties to sell to WaveDivision first. The cash from that will probably stop the bleeding for a few more months.
No wonder our vacation hasn't been approved yet!!
What makes a source "reliable"? The salty guys on Yahoo Finance chasing losses on the stock?