Charter to file Chapter 11

[napi21]

http://atlanta.bizjournals.com/atlanta/stories/2009/02/09/daily99.html?ana=e_du_pap

After months of speculation, cable TV provider Charter Communications Inc. said Thursday that it plans to file for Chapter 11 bankruptcy by April 1.

Shareholders' stake in the company will be canceled, and the company's cable, Internet and telephone operations will continue throughout the debt restructuring process, said Neil Smit, president and chief executive.

The bankruptcy will be prepackaged as the major creditors will agree to the bankruptcy terms before the petition is filed, allowing the plan to move more quickly through court.

As of Wednesday, Charter had approximately $800 million in cash and cash equivalents available to it.


What in the hell have they been doing with all their money? I know I pay them $150/mo and I don't even subscribe to all their services!

[Blaze Diem]

1. Maybe paid out their CEO bonuses first. Then filed bankruptcy.

I think that's how they do it nowadays.

[napi21]

3. I don't know, but I DO know they have some of the highest rates

I've heard of, especially in many of the areas they're in. The county just south of me has Comcast and they're about 35% cheaper than
Charter.

[DemoTex]

2. Just great .. Charter is my new cable ISP (since 11/08).

I fired ATT DSL. Both suck.

[napi21]

4. If you read the article at the link, they at least claim they will be able to

survive this bankruptcy and be viable again. We'll see. I have no doubt if they don't, another ISP will take over.

[MadBadger]

5. Maybe if they didnt suck so much...

[Zynx]

6. We sure picked a bad company here in Madison to be our local monopoly.

[MadBadger]

8. Yea, tell me about it. I'm glad I at least dont have to have the Big Ten Network fights anymore

Of course they were completely one sided since customer service didnt know what i was talking about.

[Greyhound]

7. Moving it out of the country as quickly as it came in.

They are not the only ones either, there is an epidemic of huge corporations that have been given a pass in off-shoring their income for the last 14 years or so.

I've been warning of this for over five years. Most of our big corporations have little or nothing left within reach of the government. Their entire operations are out-sourced and contracted to third parties, they've sold off real assets and re-leased them back from the new owners so that when they declare bankruptcy there is nothing for the court to divvy up among the creditors.