Charter to File Bankruptcy as Part of Restructuring
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Charter Communications Inc., the money-losing cable-television company, said it plans to file for Chapter 11 bankruptcy as part of a financial restructuring on or before April 1. Through the first three quarters of 2008, Charter lost almost $1 billion, so this shouldn’t come as a shock.
Charter said today in a statement that it reached an agreement with a committee of some debt holders to reduce its obligations by about $8 billion. Controlled by Microsoft Corp. co-founder Paul Allen and based in St. Louis, Charter has about 5.6 million customers in 28 states, according to its Web site.
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