Charter eyes end to bankruptcy
Firm says court is close to confirming reorganization planNEW YORK -- Paul Allen-controlled cable firm Charter Communications expects to emerge from Chapter 11 bankruptcy in the coming weeks.
The judge overseeing its case in the United States Bankruptcy Court for the Southern District of New York indicated on Thursday that the court would confirm Charter's pre-arranged reorganization plan, the company said. A confirmation order is expected within the next several weeks. Charter expects to emerge from Chapter 11 shortly thereafter.
"The court's bench ruling today is a major milestone, having found in favor of Charter on all significant issues," Charter president and CEO Neil Smit said. "We will emerge as a stronger company with a significantly improved capital structure."