Frontier Communications Corp has filed for bankruptcy protection in the U.S., the high-speed internet company said yesterday, as it restructures finances to cut down its borrowings by more than $10 billion, Reuters reported. The company, which warned on its ability to continue as a going concern last month, had been in discussions with some of its lenders and was also mulling restructuring options. Frontier said that it has entered an agreement with its bondholders and received $460 million in debtor-in-possession financing. The Norwalk, Connecticut-based company estimated its assets and liabilities both in the range of $10 billion to $50 billion, according to a filing in the U.S. Bankruptcy Court for the Southern District of New York.
