Charter To File Bankruptcy

  • February 12, 2009
Charter Communications, the fourth-largest U.S. cable operator,plans to file a prearranged Chapter 11 bankruptcy by April 1, reports AP. Paul Allen, co-founder of Microsoft, reached an agreement with key debt holders. He will keep the largest votign interest in the company, but common stock, which are shareholder stakes, will be wiped out. Allen invested more than $7 billion in Charter.

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