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March 22nd, 2009 by Temple City Tribune
The struggling economy has now also hit one of the nation’s largest cable companies, Charter Communications. The company announced it will file for bankruptcy by or before April 1st.
According to reports, company executives say their decision to file for Chapter 11 will not affect their services. Chapter 11 is commonplace in business for reorganization of financial difficulties.
Charter is billions of dollars in debt. They have come to an agreement with some of the companies they owe money to and have reduced their debt by $8 billion.
Anyone who has invested in Charter stock will probably be hurt the most according to analysts, since all of Charter’s common stock will be canceled.
Charter Communications staff say they won’t be raising their rates for any services and it will be business as usual.
“During this restructuring period we will continue to operate as usual and customers should understand that our operations are strong,” said Anita Lamont, Charter Communications Spokesperson.
Company staff says there have been layoffs throughout the company but not any recent ones in connection to their bankruptcy.
Charter Communications claims their service which now includes telephone, will not be affected.