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.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
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.