Charter emerges from Chapter 11 bankruptcy
Restructuring has reduced company's debt by $8 billionCable operator Charter Communications has completed its financial restructuring and emerged from Chapter 11 bankruptcy.
Chairman Paul Allen will continue to retain the largest voting interest in the company.
Charter said Monday that the restructuring, based on a pre-arranged plan of reorganization, has reduced its debt by approximately 40%, or $8 billion. It also cuts annual interest expenses 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."