In a letter to investors Tuesday night, the high-speed internet company said it is filing for bankruptcy protection as it restructures finances to reduce its debt by more than $10 billion.

Frontier Communications announced it has filed for Chapter 11 bankruptcy protection.

In a letter to investors Tuesday night, the high-speed internet company said it is filing for bankruptcy protection as it restructures finances to reduce its debt by more than $10 billion.

Robert Schriesheim, chairman of the finance committee of the board of directors, said the company expects to continue providing service to customers without interruption and to work with its business partners throughout the court-supervised process.

In addition to the financial restructuring plan, the company also received $460 million in debtor-in-possession financing.

The full release can be read here.