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Charter Emerges From Chapter 11 Bankruptcy Protection

Stock offering to come next year

By Mike Farrell--Multichannel News -- Broadcasting & Cable, 11/30/2009 1:17:41 PM

Charter Communications said Monday that it has completed its restructuring and has emerged from bankruptcy protection, ending an eight-month process.

Charter filed for bankruptcy protection on March 27, reaching agreement with the majority of its bondholders on a plan that would shave $8 billion in debt from the company's books and pump about $3 billion of new equity into the company.

In a statement, Charter said that it has successfully emerged from bankruptcy and that it would issue a new stock no earlier than 45 days after emergence. That would put the earliest date for a new stock offering sometime after Jan. 14.

To read the full story from Multichannel News, click here.

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