Frontier Communications Inc. has filed for Chapter 11 bankruptcy protection after more than a decade of bankruptcy.
The Federal Communications Commission said the bankruptcy filing was announced Friday and was expected to close in the next few weeks.
The company said it would take “significant” steps to reduce costs and improve its finances.
The bankruptcy filing also will allow the company to sell off assets and consolidate its businesses.
The company, which is based in Dallas, is the largest cable and wireless company in the U.S. and a major force in the telecommunications industry.
It’s also the nation’s second-largest provider of Internet service, after Comcast Corp.
The filing for Chapter 13 bankruptcy says Frontier is unable to pay its creditors, and the company will have to take “further actions, including the potential sale of assets, as well as certain other actions, as contemplated by the Chapter 11 filing.”
The company says it will continue to operate the company in a manner consistent with the interests of Frontier and its customers, as mandated by the Communications Act of 1934.
The agency said Frontier has not received any payment from the federal government.
It said the company has been unable to meet its obligations and “is not in a position to meet obligations owed to its creditors.”
The agency also said Frontier’s debt is currently $4.6 billion.
It also said it will not pay interest to creditors as required by law.