Paul Allen's Charter to file for Chapter 11 bankruptcy |
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Paul Allen's Charter to file for Chapter 11 bankruptcy
Paul Allen's Charter Communications said it plans to file Chapter 11 bankruptcy by April 1, ending months of speculation about the troubled cable television company. Reports indicate Charter reached an agreement with debt holders, while shareholders' stake in the company will be canceled. Allen will remain the largest investor and retain the largest voting interest in the company.
The long-expected bankruptcy plan follows news that Charter missed a deadline for a $74 million debt payment and hired a turnaround expert who helped salvage HealthSouth.
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