Submitted by mauro on February 13, 2009 - 11:10am.
According to THE ASSOCIATED PRESS article published in the Telegram today, as written Deborah Yao
Thomas P. Cohan,
DIRECTOR OF GOVERNMENT RELATIONS of the company says "We‘re a healthy company and I think the bondholders realize that"
Apparently Charter Communications Inc., the nation’s fourth largest cable operator, which serves many Central Massachusetts residents, said yesterday that it plans to file a prearranged Chapter 11 bankruptcy by April 1.
The article seems to suggest that the company is running strong here in the nOrther East and it should have no impact on the company's capacity to meet franchise agreements obligations. It was reported that according to Thomas P. Cohan, Charter director of government relations, “This same group of bondholders is also going to invest another $3 billion in the form of new equity capital and debt refinancing.”
He is quoted to say that the bankruptcy “actually turns out to be a very good thing. Putting our debt aside, we’re a very strong company; we have about 5-1/2 million customers and cable is really a stable industry.”
Charter said fourth-quarter revenue is expected to increase by 6.6 percent to $1.66 billion, with adjusted earnings before interest, taxes, depreciation and amortization up nearly 10 percent to $620 million.
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