Charter Communications Inc. says a bankruptcy judge has confirmed its reorganization plan, clearing the way for the nation's fourth largest cable TV operator to emerge from Chapter 11 in a few weeks. Charter said the plan whittles its debt burden by about $8 billion, leaving $13 billion. Bondholders who agreed to swap their $8 billion of debt will end up owning nearly all of the post-bankruptcy company.
Microsoft Corp. co-founder Paul Allen's majority stake in the company will be wiped out but he will get a 35 percent voting interest in the reorganized company.
A debt burden of $21.7 billion and a tight credit environment drove Charter to file for bankruptcy protection in March.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Microsoft Corp. co-founder Paul Allen's majority stake in the company will be wiped out but he will get a 35 percent voting interest in the reorganized company.
A debt burden of $21.7 billion and a tight credit environment drove Charter to file for bankruptcy protection in March.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
