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Charter Bankruptcy Won't Impact Real Estate

NEW YORK CITY-The nation's fourth-largest cable network, which filed a prearranged bankruptcy here on Friday, will seek approval to maintain current operations.

By Cody Lyon | Updated on March 30, 2009

NEW YORK CITY-Charter Communications, Inc., the nation’s fourth largest cable company with nearly seven million residential and business customers, filed a prearranged bankruptcy re-organization plan this past Friday in US Bankruptcy Court for the Southern District of New York. The company, headed by Microsoft co-founder Paul Allen, provides cable, broadband and other digital services to residential and commercial properties in 27 states.

The restructuring, which requires court approval, would reinstate around $12 billion in bank and bond debt for the St. Louis-based company. JPMorgan and Bank of America are lead lenders, holding around $8.5 billion of Charter’s debt. The company’s long-term debt is at around $21.7 billion, according to Fitch Ratings. In 2008, the company lost $2.45 billion on $6.48 billion in revenue.

“We took an important step forward today, as planned with our financial restructuring, which is good news for Charter customers, employees and vendors,” a Charter spokeswoman tells GlobeSt.com. She says the restructuring will not impact any of Charter’s owned or leased real estate. The company has 16,000 employees nationwide.

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