Financial Restructuring Archive

  • Charter Communications to file for bankruptcy

    Charter Communications to file for bankruptcy

    Posted on February 12, 2009 | No Comments

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    Okay, so we hate to be blunt, but if there was one cable carrier out there just waiting to crash, it was Charter. The company famous for engaging in less-than-forthright contest practices and perpetually finding ways to perturb subscribers has just announced that a Chapter 11 filing isn't too far away. In fact, a recent press release makes clear that it "intends to implement its financial restructuring through a Chapter 11 filing to be initiated on or before April 1, 2009." As per the agreement, all debt holders will reportedly be paid in full, with Paul Allen keeping the largest voting interest in the company. Of course, shareholders' stake in the company will be canceled, but the decision will supposedly reduce debt by around $8 billion. As expected, the company has assured subscribers that its services will continue to operate throughout the debt restructuring process, but we wouldn't expect service to get any better in the coming months.

    [Via AP, thanks Vanbrothers]

    Charter Communications to file for bankruptcy originally appeared on Engadget HD on Thu, 12 Feb 2009 14:28:00 EST. Please see our terms for use of feeds.

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