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]