Frontier Said to Prepare Bankruptcy Ahead of April 15 Payment

Frontier Communications Corp. expects to file for bankruptcy as soon as Tuesday night with a plan to hand control to its unsecured creditors, according to people with knowledge of the matter.

The telecom company is finalizing a restructuring plan that would see its $10.9 billion of unsecured notes convert to equity, with holders also receiving about $750 million in new notes, the people said. Frontier’s secured debt would be left in place. The people asked not to be identified discussing the confidential plan, which would be filed ahead of debt payments due April 15.

Frontier, which provides internet, TV and ...