Frontier Files Bankruptcy Plan With $10 Billion Debt Cut

Frontier Communications Corp. formally filed a pre-negotiated plan to slash more than $10 billion in funded debt and restructure in bankruptcy by converting noteholder debt into common stock.

The internet, TV, and phone service provider laid out its Chapter 11 exit plan in papers filed Friday with the U.S. Bankruptcy Court for the Southern District of New York. The plan, which is subject to creditor and court approval, reflects a restructuring agreement the company announced when it filed for bankruptcy last month.

The telecom’s proposed reorganization would substantially reduce a $17 billion pile of debt while leaving general senior lenders ...