Charter commences pre-arranged financial restructuring

Tue. March 31, 2009; Posted: 01:10 AM

Mar 30, 2009 (Datamonitor via COMTEX) -- CHTR | Quote | Chart | News | PowerRating -- Charter Communications and its subsidiaries have commenced the next phase of its previously announced financial restructuring, which is expected to reduce the company's debt by approximately $8 billion.

As announced on February 12, 2009, the company reached agreements-in-principle with members of a committee of certain of the company's debt holders. These agreements-in-principle contemplate the investment by members of the bondholder committee of more than $3 billion, including up to $2 billion in equity proceeds, $1.2 billion in roll-over debt and $267 million in new debt to support the overall refinancing.

Consistent with the terms of the agreements-in-principle, Charter has filed its pre-arranged plan and Chapter 11 petitions in the US Bankruptcy Court for the Southern District of New York.

The pre-arranged plan calls for the reinstatement of the current debt of company subsidiaries CCO Holdings, and Charter Communications Operating.

Neil Smit, president and CEO of Charter, said: "The financial restructuring is good news for Charter and our customers and, if approved, will result in Charter being better positioned to deliver the products and services our customers demand now and in the future. Charter's operations are strong, and throughout this process, we will continue serving our customers as usual. We look forward to an expeditious restructuring, and once completed, we believe that Charter will be a stronger company."

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