17 Apr Communications Workers of America seeks seat at the table in Frontier Communication’s Chapter 11 bankruptcy
The Communications Workers of America (CWA) will petition for inclusion in Frontier Communications’ Chapter 11 bankruptcy that was filed Tuesday night.
A spokesperson for CWA said that it’s on the unsecured creditors committee for Windstream Holding’s Chapter 11 bankruptcy and it will petition for the same with Frontier. The CWA represents about 8,500 front-line Frontier employees across 18 states.
RELATED: Frontier Communications drops into Chapter 11 bankruptcy
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A day before it had a debt payment due, Frontier Communications filed for bankruptcy Tuesday night to start a prearranged $10 billion debt-cutting proposal backed by its bondholders. Frontier announced it has entered into a Restructuring Support Agreement (RSA) with bondholders representing more than 75% of its $11 billion outstanding unsecured bonds. Frontier’s goal is to reduce its debt by more than $10 billion.
“Frontier’s front-line employees have a unique insight into the challenges—and opportunities—that the company faces, the CWA said in a press release on Wednesday. “Unfortunately, Frontier’s management did not engage with CWA members or leadership as part of their negotiations with creditors, denying their workforce a much-needed voice in the future of the company. CWA members expect to have input in the direction of the company as the bankruptcy process goes forward.
“The need for high-speed, reliable communications services is more evident now than ever before. Our position has been clear—Frontier needs the debt relief and financial flexibility to invest in its network and its employees, so that it can provide the service that its customers want and deserve.”
Frontier spokesman Javier Mendoza said an in email to FierceTelecom Thursday morning that Frontier declined to comment.
Windstream Holdings filed for Chapter 11 bankruptcy early last year, and has said it expects to emerge from Chapter 11 with a new capital structure.
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