https://www.ctinsider.com/business/thehour/article/Frontier-sets-restructuring-goal-pare-15166944.php
7 replies (most recent on top)
Can't fix stupid. Check the date.
Frontier CEO sets plan for turning company around
By Alexander Soule March 30, 2020 Updated: March 30, 2020 5:18 p.m.
Met with the CEO? Your a iiar. Sam from the yahoo board again? There are multiple imposters posting on that and this board. Most are Sam, Lester, Barney, Bill mddb etc.
Predicted this 7 years ago, when i spoke to CEO and executive team. they never never invested in fiber or new copper lines, could have cut a deal with competitors to build out new fiber by giving them deals to run their own line.
time again we had opportunities but time again they all wanted phone lines, phone lines
well time to pay and burn. .25 on debt is a joke will leave frontier with no money, either gov will step in to keep basic services or they will sell state by state till they become profitable. Verizon sold them junk, and frontier ate it right up.
all top dogs will get the golden ticket, Unions will break, and common working man will get screwed more.
Don’t worry if your region doesn’t have a contract you will be just fine! Keep paying your Union dues anyway! IBEW824 has Frontier right where we want them..
article says:
In advance of a possible bankruptcy filing,
Frontier Communications has aired its new
CEO’s plan to turn around the company.
The range of differing scenarios includes the
possible sale of operations across its
territories on the heels of a $1.35 billion
divestment it was aiming to complete by
Tuesday.
Frontier is based in Norwalk and owns the
historic Southern New England Telephone
operations that extend back to the earliest
days of the telephone era in New Haven. The
company replaced former CEO Dan
McCarthy in December with Bernie Han,
who has been negotiating since with
bondholders.
Frontier has invoked a two-month window
that buys it time before having to make a
payment that had been due in mid-March.
In a Friday filing with the U.S. Securities &
Exchange Commission, Frontier indicated it
expects to report a $5.9 billion loss for 2019,
the majority of the figure incurred in a single
quarter of last year as part of a write-off of
latent value in the business amid declining
customer accounts.
That total could change as the company
collects finalized revenue and expense
reports from its various business units.
Frontier anticipates less than $7.6 billion on
the year, which would represent a drop of
more than $1 billion from 2018 for a 12
percent decline.
Frontier cites the possibility of a Chapter 11
bankruptcy restructuring in the coming
weeks, justifying any such move on the need
to take capital that is currently earmarked to
service debt and reinvest it in network
upgrades, and a commitment to improving
service amid “intense competition” from
cable and wireless industry rivals.
Under Han, Frontier is considering limiting
new customer accounts to those it can add
to the fiber optic cable networks it has been
building in Connecticut and other locales.
The company’s household fiber revenue
totals are nearing a 50-50 split with its
telephone-era copper networks. Frontier
inherited a portion of Verizon
Communications FiOS home fiber network in
a $10.5 billion acquisition several years ago,
with the debt-laden deal now helping push
the company to the edge of bankruptcy.
Since last year, Frontier has been tabulating
its money-losing operations against those
generating profits, from states and regions
down to individual neighborhoods. The
company reported a $20 million operating
profit in 2018 for its Southern New England
Telephone territory.
Frontier acknowledged it continues to see
elevated “churn” of customers dropping
service compared to other broadband
providers, adding “price optimization” could
become a core element of its strategy —
raising prices on packages that offer lower
profit margins. In addition to shedding
accounts that do not contribute meaningful
profits, the company would retain an
unknown percentage of customers willing to
pay more, while refocusing its marketing and
investments building a new base of
customers willing to pay a premium for high-
speed fiber broadband.
Han also wants Frontier to invest in the build
out of “small cell” transmitters that mobile
companies like AT&T, Verizon and T-Mobile
are adding to boost data capacity where they
have concentrations of customers.
In the SEC document, Han cites as a priority
turning around ebbing employee morale at
Frontier. Last fall, the company extended a
contract covering more than 2,100 workers
in Connecticut for an extra two years.
The president of the company’s Connecticut
union, Local 1298 of the Communications
Workers of America, said Han could start by
reaching out directly to the company’s
Connecticut employee base to provide fresh
reassurances on their job security and the
company’s response to the coronavirus
pandemic.
He said workers have yet to hear directly
from the new CEO since he took the job.
“People have commented about that,” said
Dave Weidlich Jr., president of CWA Local
- “A lot of companies are assuring their
employees that they’re going to get paid for
coronavirus-related issues. ... That turns
morale around in a very rapid way, when you
see the CEO engage with the frontline
(workers) and see changes that come of
those discussions.”
I wouldn’t even pay .95 cents to read. F*ck whoever copy and pasted this BS!
not free to read can you paste in article