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* Charter says move will cut debt by billion * Charter has .7 billion in debt - filing * Charter says will fund bankruptcy with cash (Adds JP Morgan suit in paragraph 12, 13) By Caroline Humer NEW YORK, March 27 (Reuters) - Charter Communications (), the fourth largest-cable operator, filed for bankruptcy on Friday under pressure from a massive debt load built up over years of borrowing to pay for technology and acquisitions.
Charter, controlled by Microsoft co-founder Paul Allen, labored for years to compete with satellite television and, more recently, with phone companies offering extensive video, Internet, and other broadband features.
The company spent billions in the 1990s buying up more than a dozen cable companies, increasing its subscriber base fivefold.
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.O and Dish Network, both of whom competed fiercely for those same subscribers in rural areas.Before the recent deterioration in the debt markets, Charter had been able to pay for or renew its debt, which totaled .7 billion at the end of 2008, it said in a court filing.
This documentation is intended to provide exhaustive information to companies and other interested bodies on the technical features of the Charter: the Charter sustainability procedures, the entrance check, the key performance indicators, contracts, etc.