California Clears Frontier to Close Bankruptcy Reorg Soon
Frontier Communications got its final regulatory OK to emerge from Chapter 11 bankruptcy. The California Public Utilities Commission voted 5-0 at its Thursday virtual meeting to clear the proposed reorganization with conditions.
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With California’s nod, Frontier has approvals from all states it needed to close the deal. The FCC gave its OK in January. A bankruptcy court approved the Chapter 11 plan Aug. 27.
The CPUC adopted settlement agreements between the carrier and the California Emerging Technology Fund; the Yurok Tribe; and Communications Workers of America, The Utility Reform Network (TURN) and CPUC Public Advocates Office. The commission added other conditions, including an enforcement mechanism and a tribal and municipal government clause.
The telco couldn’t be reached for comment immediately. General Counsel Kevin Saville told a Minnesota agency last month that the carrier planned to exit Chapter 11 immediately after the CPUC voted.