Charter Breaks Out of Bankruptcy
Charter Communications has emerged from Chapter 11 bankruptcy, according to THE HOLLYWOOD REPORTER. Paul Allen, chairman of the company, will continue to hold the largest voting interest in the company after it reduced debt by approximately 40 percent or $8 billion and cut annual interest rates by more than $830 million.
"This successful financial restructuring is a significant accomplishment and makes Charter a stronger company for the benefit of our customers, vendors, employees and the communities we serve," said president and CEO Neil Smit. "Charter will remain focused on further enhancing the customer experience and is positioned to generate free cash flow."