Possible Charter Bankruptcy, Moody's Lowers Gannett Rating

  • February 3, 2009
The fourth-largest U.S. cable operator Charter Communications is struggling with a $21 billion debt load. Reuters reports it is preparing a bankruptcy filing, according to sources. The move comes after the company missed a $73.7 million interest payment in mid-January. It continues to negotiate a financial restructuring with its bondholders. Gannett is also in economic hot water; Moody's Investors Service downgraded the credit ratings of the company on Monday, reports AP, given its recent ad revenue slide. Moody's cut Gannett's rating one notch to a still-investment grade "Baa3" from "Baa2." The decision came after Gannett reported a 36% decline in preliminary 4Q earnings.

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