Charter Communications to file for bankruptcy protection

Charter Communications to file for bankruptcy protection

Charter Communications has announced that they are now planning to file for Chapter 11 bankruptcy.

The company said that they have reached an agreement in principle with their debt holders.

They would now receive common shares, or warrants for rights to get common shares.

Paul Allen would continue to remain an investor in the company and he would also retain the largest voting interest in Charter.

Neil Smit, president and chief executive officer of Charter Communications said in a statement: “We are pleased to have reached an agreement with such a significant portion of our bondholders on a long-term solution to improve our capital structure.”

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