Filed at 9:39 a.m. EST on Mar. 27, 2009
Charter Communications said it filed its pre-arranged reorganization plan and Chapter 11 petitions in U.S. Bankruptcy Court for the Southern District of New York, a plan expected to reduce the cable operator's debt by about $8 billion.
Agreements in principle contemplate the investment by bondholders of more than $3 billion, including up to $2 billion in equity proceeds, $1.2 billion in roll-over debt and $267 million in new debt to support the overall refinancing.
Saddled by $21.7 billion in debt at the close of 2008, the Chapter 11 filing will bring relief on that front, shaving off some $8 billion in debt.
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