Charter Communications, which is close to filing for bankruptcy, has posted a fourth quarter loss of USD1.25 billion for 2008 compared to a loss of USD468 million in the same period a year ago. Charter attributes the increased losses to an impairment charge of USD1.52 billion and has stated that pro-forma 4Q revenues rose 7% to USD1.653 billion, up 6.6% on an actual basis. Charter has also announced an increase in broadband subscriptions, up 17,000 in the last three months of 2008 to 2.88 million subscriptions in total.
As of 31 December 2008 Charter had USD21.67 billion of debt. On 12 February this year Chapter announced an agreement in principle to restructure the debt aiming to reduce it by USD8 billion. Under the terms of the agreement, the company intends to implement its financial restructuring through a Chapter 11 bankruptcy filing to be initiated on or before 1 April 2009.