Representatives of holders of unsecured senior notes issued by Frontier Communications Corporation (OTCMKTS: FTRCQ) said Tuesday they’ve chosen John Stratton to serve as Executive Chairman of the Board of Directors upon Frontier’s emergence from Chapter 11. Stratton retired from Verizon in 2018 after 25 years.
“We are excited that John Stratton, an executive with a proven track record leading telecom businesses through all phases of the investment life cycle, will oversee Frontier’s strategic direction following the Company’s emergence from bankruptcy,” said Rob Schriesheim, Chairman of the Finance Committee of the Board of Directors.
He said Stratton’s agreement to serve as executive chairman is a “powerful endorsement” of Frontier’s ability to deliver value to customers and shareholders.” Stratton has been a board observer; Schriesheim said his new role is a “natural evolution.”
Once Frontier emerges from Chapter 11 bankruptcy reorganization, the telecom will have reduced its total outstanding debt by more than $10 billion. Schriesheim said the company will also have achieved the financial flexibility required to support any decisions by the new Board for aggressive investments in its network, operations and customer service.
Stratton became a Board Observer at Frontier in May of 2020, after he was selected by creditors in connection with Frontier’s restructuring. In that role, Stratton supported Frontier’s Finance Committee as it developed a strategic plan focused on delivering profitable growth through (i) the delivery of high-speed broadband service to customers across 25 states, (ii) driving operational efficiency, industry-leading customer service, and network reliability, (iii) strategic investments to extend the company’s fiber broadband service within its existing footprint and in adjacent markets; and (iv) identifying and recruiting key talent to support the company’s efforts.
The U.S. Bankruptcy Court for the Southern District of New York confirmed Frontier’s reorganization plan on August 21. The telecom is targeting emergence from Chapter 11 in early 2021.
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