Charter files for bankruptcy

30 Mar 2009

Charter Communications has followed through on its promise to file for bankruptcy. Under chapter 11 of the US bankruptcy code, the broadband operator will undergo financial reorganisation which will clear USD8 billion of its USD21.67 billion debt. The reorganisation will include an equity rights offering that could see investment group Apollo Management acquire a majority stake. Chairman of the board of directors, Paul Allen will retain majority voting rights. Provision of broadband services for the company’s 5.5 million customers will continue as normal.

United States, Charter Communications (Spectrum, incl. Spectrum Mobile)