Commissions Approve Full Amounts Requested
STAMFORD, Conn.--(BUSINESS WIRE)--
Please replace the release with the following corrected version due to
multiple revisions.
The corrected release reads:
WEST VIRGINIA PSC AND OREGON PUC RELEASE $21.8 MILLION IN ESCROWED
FUNDS TO FRONTIER COMMUNICATIONS
Commissions Approve Full Amounts Requested
The West Virginia Public Service Commission (PSC) and the Oregon Public
Utilities Commission (PUC) released $21.8 million in escrowed funds to
Frontier Communications (NASDAQ: FTR). The funds were escrowed in
connection with Frontier’s acquisition of wireline properties from
Verizon Communications in July 2010. Two West Virginia escrows totaled
$21.4 million; $400,000 was the remaining amount in the Oregon escrow.
The funds reimburse Frontier for prior investments that improved service
quality and expanded broadband networks.
Frontier asked the West Virginia PSC to release $14.7 million from a
service quality escrow account and $6.7 million from a broadband escrow
account, said Dana Waldo, Senior Vice President and General Manager for
West Virginia. Verizon funded a service quality account at $72.4
million; in a separate account, Frontier funded $48 million toward
broadband deployment. The PSC granted Frontier’s request in full.
In Oregon, the PUC’s release of $400,000 in escrow funds was the last of
more than $15 million in funds put into escrow by Frontier as a
condition of approval of the acquisition.
According to Kathleen Abernathy, Executive Vice President of External
Affairs for Frontier, “In both states, the commissions have closely
followed our investments in rural America. The release of the funds is
confirmation of Frontier’s tireless commitment to deploying broadband to
unserved and underserved areas and to relieving Internet congestion.”
Ms. Abernathy added, “Just three years ago, Frontier took ownership of
wireline assets that no longer met the needs of consumers in 14 states.
We have invested heavily since then to transform the broadband, voice
and video experience of our customers. The latest escrow releases, all
of which required commission approval, confirm that we did what we said
we’d do to meet the expanding technology needs of our customers.”
Mr. Waldo noted, “We appreciate that the PSC – following its ongoing
review of our performance –released these funds. In West Virginia, we
have strengthened and extended our networks to make broadband available
to more than 86 percent of households today, compared to 62 percent
under Verizon. We are dedicated to providing customers with the best
possible communications services.”
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) is an S&P 500 company
and is included in the FORTUNE 500 list of America’s largest
corporations. Frontier offers broadband, voice, satellite video,
wireless Internet data access, entertainment services like TumTiki.com,
data security solutions through Frontier
Secure, bundled offerings and specialized bundles for
residential customers, small businesses and home offices and advanced
communications for medium and large businesses in 27 states. Frontier’s
approximately 14,400 employees are based entirely in the United States.
More information is available at www.frontier.com.
Media
Frontier Communications
Steve Crosby, Office:
916-686-3333
Mobile: 916-206-8198
steven.crosby@ftr.com
or
Investors
Luke
Szymczak, Office: 203-614-5044
Mobile: 203-554-5786
luke.szymczak@ftr.com
Source: Frontier Communications Corporation