Milbank is representing an ad hoc group of unsecured noteholders in the chapter 11 cases of Frontier Communications Corp. and its subsidiaries (“Frontier”), a national provider of telecommunications services to residential, business, and wholesale customers operating in 25 states. On August 27, 2020, the US Bankruptcy Court for the Southern District of New York entered an order confirming Frontier’s reorganization plan, paving the way for the company’s emergence from chapter 11, which is anticipated to occur in early 2021 after completion of regulatory approval processes.
Frontier filed for chapter 11 protection on April 14, 2020 with approximately $17.5 billion in liabilities and an agreement with the ad hoc group in hand to support the reorganization plan, which is premised on the equitization of over $10 billion of unsecured notes claims. Frontier’s filing marked the largest high-yield default since 2014 and the second-largest chapter 11 filing of the year by liabilities.
Upon emergence, the Frontier’s total outstanding indebtedness will be reduced by more than $10 billion and the company will have significant financial flexibility to support continued investment in its long-term growth.
The Milbank team is led by Financial Restructuring partners Dennis Dunne, Samuel Khalil, and Michael Price, and includes partners Casey Fleck and Scott Golenbock (Corporate), Rod Miller (Capital Markets), Aaron Renenger (Litigation & Arbitration), Patrick Campbell (Regulatory), Russell Kestenbaum (Tax), Mike Shah and Joel Krasnow (Executive Compensation and Employee Benefits), and associates Abigail Debold, Benjamin Schak, and Adeola Adeyosoye (Financial Restructuring), Kelly Bartley (Executive Compensation and Employee Benefits), and Julie Wolf (Litigation & Arbitration).