Business

Charter's reorganization plan confirmed by judge

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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