The Bankwatch

Tracking the consumer evolution of financial services

Charter Communications files for bankruptcy | Paul Allen

Tthis one is of interest because of the involvement of Paul Allen, Gates former partner at Microsoft.

Generally speaking cable and telco’s typically have high debt, and could be next in line for problems in this crisis.

Charter Communications files for bankruptcy

Charter Communications Inc. (CHTR) filed for Chapter 11 bankruptcy protection, which the heavily leveraged cable-television operator has previously said it would do as part of a debt-reduction agreement with some of its creditors.

Charter, controlled by Microsoft Corp. (MSFT) co-founder Paul Allen, said last month it would file for bankruptcy protection by April 1 as part of an agreement with some of its debtholders to reduce its debt by about $8 billion. The company had $21.7 billion at year’s end.

Written by Colin Henderson

March 29, 2009 at 21:52

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