Cable TV operator Charter Communications has finally exited bankruptcy protection after more than seven months and despite recent challenges to its reorganization plan from some lenders and creditors.
Reuters reports that Charter was able to slash its debt load by about 40 percent, or $8 billion. Microsoft co-founder Paul Allen will continue to retain the largest voting interest in Charter, and also will be able to appoint four board members.
Opposition to the reorganization plan from Wells Fargo, JP Morgan Chase and others appeared to threaten or further delay the company's Chapter 11 exit as recently as last week. Now, Charter re-emerges into a TV services market and broadband market that has only become more competitive in the last seven months or so.
- Reuters has this story
Charter has been inching toward its bankruptcy exit
Charter filed for bankruptcy protection last spring