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Chapter 11 posts

Charter Communications to file for bankruptcy


Okay, so we hate to be blunt, but if there was one cable carrier out there just waiting to crash, it was Charter. The company famous for engaging in less-than-forthright contest practices and perpetually finding ways to perturb subscribers has just announced that a Chapter 11 filing isn't too far away. In fact, a recent press release makes clear that it "intends to implement its financial restructuring through a Chapter 11 filing to be initiated on or before April 1, 2009." As per the agreement, all debt holders will reportedly be paid in full, with Paul Allen keeping the largest voting interest in the company. Of course, shareholders' stake in the company will be canceled, but the decision will supposedly reduce debt by around $8 billion. As expected, the company has assured subscribers that its services will continue to operate throughout the debt restructuring process, but we wouldn't expect service to get any better in the coming months.

[Via AP, thanks Vanbrothers]

Syntax-Brillian waves the white flag, files for Chapter 11 bankruptcy

So yeah, apparently that whole attempt to "streamline operations" back in April didn't go over so well, as Syntax-Brillian -- you know, that firm neck deep in panel partnerships and responsible for Olevia HDTVs -- has just filed for Chapter 11 bankruptcy. The Arizona-based company has also "entered into a deal to sell certain of its assets to a newly created company called Olevia International Group LLC," which has agreed to pick up some $60 million of its secured debt. We're also told that operations in Tempe have ceased, and "about eight employees" (including the finance chief, general counsel and finance staff) are sticking around with nothing better to do.

[Thanks, Paul]




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