PHILADELPHIA (AP) - Struggling Charter Communications Inc., the nation's fourth largest cable operator, said Thursday that it plans to file a prearranged Chapter 11 bankruptcy by April 1.
Charter, which is controlled by Microsoft Corp. co-founder Paul Allen, said it has reached an agreement in principle with holders of $8 billion in debt who will give up repayment of their debt. In return, they will receive common shares, or warrants for rights to get common shares, that translate to nearly owning the entire company after bankruptcy.
Allen will remain as an investor and retain the largest voting interest in Charter.
