Charter 11

Charter Communications will file for bankruptcy
February 12, 2009 — 3:02pm ET By Pete Wylie
Charter Communications said Thursday it would file for Chapter 11 bankruptcy protection by April 1 and all shareholders' equity will be canceled. All company operations will continue while the company refinances its debt.
Charter subsidiaries missed debt interest payments of $74 million on Jan. 15, prompting Moody's to downgrade their debt rating and state that the company would likely have to file for Chapter 11 protection.
All debt holders will be compensated fully, and Microsoft co-founder Paul Allen will remain the largest voting interest in the company. The company expects savings of $8 billion from the restructuring.
Today is the first day that I am not working for Charter.