Charter Comms to exit Chapter 11
Charter Communications, the USA’s fourth-largest cable MSO, went Chapter 11 in March. It looks as if the company will shortly exit bankruptcy protection.
A statement from Charter says it expects the Southern District of New York’s bankruptcy court to approve the company’s reorganisation plan. This would be the last major step ahead of the company being re-entered for market trading.
Charter filed for Chapter 11 with debts of some $21.7bn. Four former execs of the firm were alleged to have committed accounting fraud in 2005. Microsoft co-founder Paul Allen remains as the company’s chairman.