Frontier sits on massive $17.5 Billion legacy debt Load.
In June S&P downgraded the bulk of Frontier's debt to CCC with a negative outlook.
The majority of Frontier unsecured debt trades at 45 to 47 cents/dollar (as of Dec 13.2019).
Creditors face an existential threat in 2022 with $2.7 billion coming due.
My Conclusion:Unsecured Note holders will be lucky to get 7 cents on the dollar; SeniorSecured holders 24 cents on the dollar.
The New Board Brings Unneeded Entanglements
The independent directors that now make up Frontier Communication's board - and their compatriots at restructuring boutique M-III Partners - are currently involvement in perhaps a dozen