This week, the Connecticut Public Utilities Regulatory Authority (PURA) held hearings to question representatives of Frontier on the details of their bankruptcy plan. Attorneys representing CWA, as well as the Office of Consumer Counsel, the Office of the Attorney General, and others, pressed Frontier for transparency on their plans to invest and improve service for Connecticut consumers.
I was also given the opportunity to make comments at the start of the hearings. I emphasized my concerns about the reduced level of technician and customer service employment in Connecticut and the impact that has had on service. I also spoke about the new ownership group, which is dominated by Elliott Management and other hedge funds. These investors have a track record of lining their pockets with dividends and stock buybacks at the expense of long-term investments.
CWA and other groups are advocating that the PURA should put binding, enforceable commitments on Frontier to invest in its network and workforce. I believe these commitments are necessary for the bankruptcy to result in improvements to service and a stronger, more competitive company.
Based on the current schedule, I expect the PURA to collect additional information and deliberate through the end of the year, we expect a final decision early next year.
I will continue to keep you all informed of any future developments.
