Updating a company charter

Posted by / 22-Feb-2020 00:47

Charter’s revenue increased 8 percent in 2008 while it reported a net loss of .45 billion.The company employs 16,500 people in 27 states and serves about 5.5 million residential and commercial customers.

Those bondholders, including private equity firm Apollo Group, will get the majority equity position in the company through the debt-for-equity swap and rights offering, according to sources with direct knowledge of the situation.“There is still a large debt load there.” Paul Allen, who controlled the company prior to bankruptcy through his equity stake, will receive up to 7 percent of equity in the company and keep the largest voting interest in the company at 35 percent.The move will enable the company to leave untouched more than billion in bank debt with favorable interest rates.But with no way to fund spending that outpaced earnings, the company said it negotiated a restructuring with bondholders that will reduce its debt by billion.The company said it will operate and serve its subscribers as usual.

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The bondholders are being advised by Paul, Weiss, Rifkind, Wharton & Garrison; Houlihan Lokey Howard & Zukin Capital and UBS Securities.