Frontier Communications filed for bankruptcy against its creditors on Tuesday night as a last resort to eliminate the maturing debt, more than five years after acquiring territory from Southern New England Telephone in Connecticut only to shoulder an amount crippling debt in a subsequent deal.
Control of Norwalk-based Frontier would shift from shareholders to creditors with unsecured debt that would be converted into shares, according to Frontier’s filing with the U.S. Southern District of New York bankruptcy court that filed the company’s petition. at 10:30 p.m.
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