Frontier Communications filed for bankruptcy protection on Tuesday and sought Chapter 11 protection, according to a statement from the company.
The company said it filed for Chapter 11 in the U.S. state of Virginia in late December after losing millions of dollars in market share.
Frontier Communications said the company had more than $4 billion in cash and short-term investments.
Frontier says it has more than 7,000 employees and expects to employ more than 10,000 people in 2018.
Frontier said it will continue to operate as an independent company until it can find a buyer for the assets.
The bankruptcy filing was first reported by Reuters.
Frontier Communications Inc. filed for voluntary Chapter 11 bankruptcy protection in Virginia.
Frontiers filed for involuntary Chapter 11 Chapter 11 filing in Virginia on Monday, according a statement by Frontier Communications Inc., in response to a request from Reuters.
Frontier is a communications company with more than 800,000 customers in North America.
Frontier also owns DirecTV Now and has a number of other channels, including Dish Network, Dish’s parent company.
The company said that the bankruptcy filing in North Carolina could affect the distribution of its channels, and that it will be seeking to obtain court approval for the sale of the assets in the state.