Bond holders have just hire Bernie Han to slice and dice Frontier into Chapter 11.....But it looks like more likely Chapter 7 liquidation
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In CT an offer was made to the membership:
Along with an agreement for a 2 year contract.
The offer included:
1 years salary added into your pension
You could then take an annuity or move your pension into your IRA.
3 years medical at the membership rate that included dental and vision.
The union and the company agreed that up to 450 people who took the offer were guaranteed to be accepted no matter what department they came from.
If more then 450 took the offer then seniority ruled BUT then the union and company would confer to allow more people to take the offer
Despite looming bankruptcy
and lots of talk
Only 340 people took the offer
I would imagine the 2 year contract agreed to in CT along with the buy-out offer would be of interest to you people in Florida and the rest of the country
Too little too late. They should have removed Danny Boy 1.5 years ago. They should also have brought in someone from the outside with a different perspective. Instead they promoted from within, so we are going to get more of the same.
WorldCom started out in chapter 11 with 41 billion in debt and over 60 billion of listed assets and they they never came out of bankruptcy......Frontier pushing over 17 billion in junk bond debt 10.5 and 11 percent and assets not equal to debt......
FYI ATT is already by passing Frontier network in central offices....Don’t kid yourself how critical Frontier is
Wow. He receives not only his $1M base for 2020 but also a $807k BONUS for Q4 of 2019?
Just how much of a golden parachute is Danny boy going to get?
Poor management since 2011... contract companies have been ripping off Frontier since they took over the Midwest from Verizon.. One company Direct Line based in Indiana only do have the work they charge the company.. a lot of under the table money changes hands. I have 5 more years to work and I see my pension, health care etc gone
It won’t be chapter 7.. that means entire asset liquidation and the business will cease to exist. And you can’t do that especially with customer, critical, and emergency circuits running through FTR network. If they file it will be chapter 11 to restructure debt or help to manage said debt.
Please Sell Florida.......$$$$ Did produce$$$$