Frontier is poised to exit bankruptcy after receiving all regulatory approvals. The company announced it expects to exit bankruptcy on April 30th and a new Frontier board has been appointed to oversee a strategic transformation of the company.
The company was able to shed over $10 billion in debt with its approved restructuring. It is now focused on a transformation with a focus on fiber broadband. Frontier will become a new publicly traded company on May 4th, trading on the NASDAQ under the ticker FYBR.
“The future of Frontier is an innovative, modern technology company, poised to deliver next-generation fiber-rich infrastructure for our customers and communities,” said Nick Jeffery, President and Chief Executive Officer in a press release. “Upon emergence, we will have the capital structure and resources to establish Frontier as a digital leader with top-tier talent and an entrepreneurial, high-performance culture.”
New Frontier Board
Upon emergence from bankruptcy, Frontier will have a new 8-member board of directors, led by former President of Global Operations of Verizon John Stratton as executive chairman of Frontier.
Other board members include:
- Kevin Beebe, Independent Director: Founding Partner of Astra Capital Management and President and Chief Executive Officer of 2B Partners, LLC.
- Lisa Chang, Independent Director: Senior Vice President and Global Chief People Officer of The Coca-Cola Company.
- Pamela Coe, Independent Director: Former Senior Vice President, Deputy General Counsel and Corporate Secretary of Liberty Media Corporation.
- Nick Jeffery, Director: President and Chief Executive Officer of Frontier Communications.
- Stephen Pusey, Independent Director: Senior Advisor to Bridge Growth Partners and former Chief Technology Officer of Vodafone.
- Maryann Turcke, Independent Director: Senior Advisor to the Infrastructure Division for Brookfield Asset Management and former Chief Operating Officer of the National Football League.
- Pratabkumar “Prat” Vemana, Independent Director: Senior Vice President and Chief Digital Officer of Kaiser Foundation Health Plans and Hospitals (Kaiser Permanente).
“Establishing a new Board is a critical component of Frontier’s path forward. This group of executives has extensive telecommunications, digital technology, infrastructure, finance, human capital management, and regulatory experience, as well as strong records of driving top-tier results,” said Stratton in the press release about the new Frontier board.
Legacy Frontier had an over reliance on copper-based broadband networks, and transforming that legacy is a top priority of the new company. Stratton highlighted that progress is already underway, with the company upgrading more than 60,000 locations from copper to fiber in 2020.