President
Good morning residents,
We are in the process of negotiating contract terms with Frontier. Although that can take some time we are still proceeding forward. Hopefully, we will reach an agreement soon. In our discussions with Frontier, because of the Covid-19 issues it is not projected to start the install process until at least August. It will still take 3 months to install everyone once the install process starts.
As you all know, Frontier filed for Chapter 11 bankruptcy and is in that process now. The Finance Advisory committee is monitoring that process very carefully to be sure the HOA has all the information needed so it is fully informed. Thank you to Bill Wethe, the committee Chair, and the committee for spending all the time to watch out for our best interest.
Kim Fuller
President
Here is a report from the Finance Advisory Committee (FAC):
The Finance Advisory Committee has been monitoring financial and other reports prepared and filed with the SEC by Frontier Communications Corporation (Frontier).
Earlier this month, Frontier prepared and timely filed its financial report (Form 10-Q) with the SEC for the quarterly period ended March 31, 2020 on May 6, 2020. Frontier also prepared and filed with the SEC its Form 8-K on May 1, 2020 and another Form 8-K on May 15, 2020.
If you would like to view and/or download the financial report and other filings with the SEC regarding the financial restructuring, visit
https://investor.frontier.com/Docs
In the Form 10-Q, you may note a few items including:
- The interim financial statements have been prepared on the basis that Frontier will continue as a going concern as further described in footnote 1.b. on PDF page 9.
- The “long-term” debt has been classified as a current liability in the consolidated balance sheet due to the events of default with the filing of the bankruptcy petition as reflected on PDF page 4.
- For more information on the long-term debt, it is further described on PDF pages 20 through 24.
- The “automatic stay” is in effect as further described on the top of PDF page 34.
- Events after March 31, 2020 are described on several pages starting with PDF page 34.
The Form 8-K as of May 1, 2020 reports the planned closing of the sale of their Northwest Operations which was approved by the Bankruptcy Court on April 24, 2020.
The Form 8-K as of May 15, 2020 is a 252-page report including the following items:
- Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code
- Disclosure Statement Relating to the Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code