Charter May File for Bankruptcy Protection

Monday, Jan 19, 2009  |  Updated 5:45 PM CDT
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Charter May File for Bankruptcy Protection

ASSOCIATED PRESS

A report claims Charter Communications may file for bankruptcy protection.

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Reuters reports that Charter Communications which has Internet and cable subscribers in North Texas, may soon file for bankruptcy protection.

Charter recently hired law firm Kirkland & Ellis and investment bank Lazard Ltd. to advise the company -- which lost nearly $1 billion during the first three quarters of the year -- about a possible bankruptcy.

Reuters says that the company's debt load stands at $4,000 per subscriber.

Charter is the fourth-largest U.S. cable television operator with about five million subscribers in 28 states.

Industry experts say if Charter declares bankruptcy it would not stop operations, just allow the company to rearrange its debt load.

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