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closeWednesday, Nov. 18, 2009
Charter's reorganization plan confirmed by judge
From Herald news services
Charter Communications Inc. said Tuesday 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 reduces 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 holdings in Charter will be reduced to a 2 percent stake in the new company. But he will get a 35 percent voting interest in the reorganized company and also appoint four directors to the board.
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