Charter inches closer to bankruptcy exit

Cable TV company Charter Communications could emerge from bankruptcy protection as early as Nov. 2, after a bankruptcy court judge late last week indicated he would approve the firm's reorganization and debt reinstatement plan. Under the plan, a creditor group would take over the company, despite opposition to that plan from Charter lenders JPMorgan Chase and Wells Fargo.

The two lending giants had claimed that Charter investors Apollo, Crestview, Oaktree and Franklin funds were acting as a syndicate, and would affect an improper change of ownership control. Under the current plan, original Charter backer Paul Allen of Microsoft fame would retain a 35 percent voting stake in the company.

Charter is seeking to reinstate about $11.8 billion in debt, while getting rid of about $8 billion in debt. The company has been lingering in bankruptcy protection since last March.

For more:
- Reuters has this story

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Charter's exit plan drew criticism last summer
Charter filed for Chapter 11 last spring

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