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The company also received approval to, among other things, continue employee wage and benefits programs, pay fees to its local franchise authorities incurred before and after the filing in full and in the normal course, and utilize its cash on hand and cash flows from operating activities to continue to fund its projected cash needs as it proceeds with its financial restructuring on an interim basis, pending final Court authorization to be sought within the coming weeks.
Charter has filed a motion with the court requesting permission to pay trade creditor balances incurred before and after the filing in full and in the normal course, and expects that motion to be heard in the coming weeks. The company expects that cash on hand and cash from operating activities, will be adequate to fund its projected cash needs as it proceeds with its financial restructuring, and therefore has not sought debtor-in-possession financing.
Neil Smit, president and CEO of Charter, said: "These approvals help us to continue to operate our business as usual and continue to provide our customers with quality cable, internet and phone service as we execute on our financial restructuring. We look forward to completing our financial restructuring as soon as practicable and emerging as a stronger company."
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