Sec Form 13G Filing - Cerberus Capital Management L.P. filing for Frontier Communications Parent Inc. (FYBR) - 2023-02-14

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

Frontier Communications Parent, Inc.

(Name of Issuer)

 

Common Stock, $0.01 par value per share

(Title of Class of Securities)

 

35909D109

(CUSIP Number)

 

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

☒ Rule 13d-1(b)

☐ Rule 13d-1(c)

☐ Rule 13d-1(d)

 

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

CUSIP No. 35909D109

SCHEDULE 13G

 

1	NAME OF REPORTING PERSONS   Cerberus Capital Management, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION   Delaware, USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER   0
	6	SHARED VOTING POWER   23,904,559*
	7	SOLE DISPOSITIVE POWER   0
	8	SHARED DISPOSITIVE POWER   23,904,559*

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   23,904,559*
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)   9.7%*
12	TYPE OF REPORTING PERSON   IA

 

*See Item 4 for additional information.

 

 

CUSIP No. 35909D109

SCHEDULE 13G

 

Item 1.

(a) Name of Issuer

 

Frontier Communications Parent, Inc. (the “Issuer”)

 

Item 1.

(b) Address of Issuer’s Principal Executive Offices

 

401 Merritt 7, Norwalk, Connecticut 06851

 

Item 2.

(a) Names of Person Filing:

 

This report on Schedule 13G is being filed by Cerberus Capital Management, L.P., a Delaware limited partnership (the “Firm”).

 

Item 2.	(b) Address of Principal Business Office or, if None, Residence:
	The address for the Firm is:   c/o Cerberus Capital Management, L.P. 875 Third Avenue, 11th Floor New York, New York 10022
Item 2.	(c) Citizenship:
	The Firm is organized under the laws of the State of Delaware
Item 2.	(d) Title of Class of Securities

 

Common Stock, $0.01 par value per share (the “Common Stock”)

 

Item 2.

(e) CUSIP No.:

 

35909D109

 

Item 3.

If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person filing is a:

 

(a) ☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b) ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c) ☐ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d) ☐ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e) ☒An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f) ☐ An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g) ☐ A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h) ☐ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) ☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) ☐ A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);

(k) ☐ A group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: _______________

 

 

CUSIP No. 35909D109

SCHEDULE 13G

 

Item 4.

Ownership

 

As reported in the cover pages to this report, the ownership information with respect to the Firm is as follows:

 

(a) Amount Beneficially Owned: 23,904,559*

 

(b) Percent of Class: 9.7%*

 

(c) Number of Shares as to which such person has:

 

(i) Sole power to vote or to direct the vote: 0

 

(ii) Shared power to vote or to direct the vote: 23,904,559*

 

(iii) Sole power to dispose or to direct the disposition of: 0

 

(iv) Shared power to dispose or to direct the disposition of: 23,904,559*

 

*The Firm is the investment manager to certain affiliated funds (collectively, the “Cerberus Funds”). As of December 31, 2022, the Cerberus Funds own an aggregate of 23,904,559 shares of Common Stock of the Issuer consisting of (i) 23,104,559 shares of Common Stock and (ii) 800,000 shares of Common Stock underlying options to purchase shares of Common Stock, which are exercisable within 60 days of December 31, 2022. The Firm, as the investment manager to the Cerberus Funds, may be deemed to beneficially own these securities. Ownership percentages are based on 245,004,000 shares of Common Stock reported as issued and outstanding in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 2, 2022.

 

Item 5.

Ownership of Five Percent or Less of a Class

 

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

 

Item 6.

Ownership of More Than Five Percent on Behalf of Another Person

 

Not Applicable.

 

Item 7.

Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company or Control Person

 

Not Applicable.

 

Item 8.

Identification and Classification of Members of the Group

 

Not Applicable.

 

Item 9.

Notice of Dissolution of Group

 

Not Applicable.

 

Item 10.

Certification

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

 

CUSIP No. 35909D109

SCHEDULE 13G

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: February 14, 2023

 

Cerberus Capital Management, L.P.

 

By:	/s/ Mark Neporent
Senior Managing Director