October 21, 2020

Volume X, Number 295

October 21, 2020

Subscribe to Latest Legal News and Analysis

October 20, 2020

Subscribe to Latest Legal News and Analysis

October 19, 2020

Subscribe to Latest Legal News and Analysis

Frontier Communications Bankruptcy May Create Acquisition Opportunity for Rural Telcos

Frontier Communications Corporation and more than 100 subsidiaries and affiliates filed Chapter 11 bankruptcy petitions on April 15, 2020.  Frontier is the country’s seventh largest broadband provider by subscribers, it is the fourth largest incumbent telephone company and it has operations in 29 states.  Frontier filed its petition after reaching a Restructuring Support Agreement with bondholders who represent more than 75% of its approximately $11 billion in outstanding unsecured bonds. Frontier’s secured creditors have not agreed to the RSA and have indicated that they may contest it.  The RSA requires Frontier to file and confirm a plan of reorganization to implement the terms of the restructuring which include repaying general unsecured creditors in full while extinguishing existing equity interests.  Meanwhile, Frontier will move forward with a sale this month of its operations and assets in Washington, Oregon, Idaho and Montana to Northwest Fiber for $1.35 billion and the RSA provides for Frontier to undertake additional sales of assets during the course of the bankruptcy cases.  Sales of assets during the course of the bankruptcy case will be subject to approval of the Bankruptcy Court.  Rural telephone companies interested in purchasing assets should follow the bankruptcy proceeding carefully.

Copyright © 2020 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume X, Number 118

TRENDING LEGAL ANALYSIS


About this Author

Caressa D. Bennet Partner Womble DC Regulatory, IP Technology Data
Partner

Having launched several startups, including her own successful boutique communications and technology law firm prior to joining Womble Bond Dickinson, Carri Bennet uses her entrepreneurial spirit and smarts to make the often times seemingly impossible achievable. Carri is exacting and persistent in achieving her clients’ goals.  When working with clients, Carri determines the desired outcome and then creatively develops solutions that are structured to be cost effective and result oriented.  She is known as a spunky outspoken advocate for small rural carriers, having battled with...

202-857-4519
Jeffrey Tarkenton Commercial Bankruptcy Attorney Womble Bond Dickinson
Partner

Creditors, landlords, trustees and those with equity interests in commercial bankruptcy cases, fraudulent conveyance litigation and preference lawsuits rely on Jeff’s seasoned legal counsel. With more than 35 years of experience in bankruptcy cases, Jeff not only has the knowledge and background to deal with almost any issue that can arise in a commercial bankruptcy case, but he also has a long track record of achieving successful results for his clients.

Experience

Any result the lawyer or law firm may have achieved on behalf of clients in other matters does not necessarily indicate similar results can be obtained for other clients.

  • Represented numerous banks and other lenders with claims secured by commercial real property throughout the United States in Chapter 11 and Chapter 7 proceedings.
  • Represented a telecommunications provider in acquiring fiber from Chapter 11 debtors and Chapter 7 trustees in bankruptcy cases filed in Virginia, Delaware and Pennsylvania.
  • Represented a top US bank in a number of commercial loan workouts, including the workout of a loan made to a large Washington, DC, real estate developer which was secured by a condominium project.
  • Represented one of the largest electric utility businesses in the US in a $500 million fraudulent conveyance lawsuit brought against it by a former subsidiary.
  • Represented the Greater Southeast Healthcare System Defined Contribution Pension Plan to enforce claims for unpaid contributions against Greater Southeast Hospital in Washington, DC.
202.857.4450
Dr. Christian E. Mammen Patent & Intellectual Property Litigation Attorney Womble Bond Dickinson Silicon Valley, CA
Partner

Chris has more than 20 years of experience guiding Silicon Valley and global tech and life sciences clients in high-stakes patent and intellectual property litigation. He has substantial lead counsel experience and has led both large and small trial teams. He has also served as lead counsel on appeals before the Ninth and Federal Circuits. Chris is an accomplished scholar, with significant teaching and academic experience.

His clients include companies in the software, telecom, microelectronics and pharmaceutical/biotech/life sciences sectors.

Chris holds a doctorate in law...

408.341.3067