Frontier names directors to finance committee; bonds dip
Jun. 07, 2019 10:23 AM ETFrontier Communications Parent, Inc. (FYBR)By: Jason Aycock, SA News Editor161 Comments
- Along with naming Sheldon Bruha to the job of permanent chief financial officer, Frontier Communications (FTR -5.1%) named three new directors to its board.
- Kevin Beebe, Paul Keglevic and Mohsin Meghji join the board effective immediately, and will serve as independent directors on the finance committee, charged with evaluating the company's capital structure.
- They bring expertise in strategic advice: Beebe is CEO of 2BPartners, an adviser to telecoms, while Meghi founded M-III Partners, an adviser focused on turnarounds and special situations.
- The company's bonds are now leading declines in the high-yield market, Bloomberg notes, with its 2025 11% notes now yielding nearly 22%.
- Along with those moves, Michael McDonnell has resigned from the board due to competing time commitments and Howard Schrott has resigned from the board due to personal considerations.
- That leaves the board at nine directors, eight of them independent.