Frontier Communications has asked its creditors to put together a turnaround plan by mid-March that would include filing for bankruptcy, the Seattle Times reported, citing sources familiar with the matter. New CEO Bernie Han and other executives have met with creditors and advisers and told them the company wants to negotiate a pre-packaged agreement before USD 356 million of debt payments come due on 15 March. The meeting was private.
Frontier has a debt of USD 17.5 billion. It announced plans in May to sell broadband operations in Washington, Oregon, Idaho and Montana for over USD 1.35 billion, as part of efforts to reduce that debt.
