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Charter Communications and its subsidiaries announced Thursday that they have reached an agreement-in-principle with some debt holders on the terms of a financial restructuring that will involve a prearranged Chapter 11 bankruptcy filing by April 1.
A Chapter 11 bankruptcy is a reorganization, as opposed to a Chapter 7, which is a liquidation. That means Charter will continue operating with the goal of eventually emerging from bankruptcy.
In a prearranged bankruptcy, a company enters into reorganization with a plan to emerge that has the approval of major stakeholders.
UW-Madison Prof. Jim Seward, who teaches a Corporate Restructuring class in the Business School, said in an e-mail that a "pre-packaged" bankruptcy is designed to complete a reorganization in very fast order.
"There are various technical sorts of reasons why this makes sense for companies, but generally this approached is used when the company is seeking to gain creditor concessions in a congenial way, and typically there are very few (if any) repercussions for customers at all," Seward said. "This is a relatively low cost, established way of completing a distressed reorganization, so I would not expect that customers would feel any negative impact whatsoever. Indeed, they as customers are unlikely to even be aware that the company has filed bankruptcy."
The restructuring will reduce its debt, which was more than $21 billion, by $8 billion, Charter said in a news release.
The debt holders will receive combinations of new debt, cash, common shares, warrants to buy stock and preferred shares.
Charter said chairman and majority shareholder Paul Allen will retain voting control of the St. Louis-based company, which is the dominant subscription TV provider in the Madison area.
But Charter's common stock will be canceled, meaning shareholder stakes will be wiped out. Allen has invested more than $7 billion in the company.
The agreement has subsidiaries CCH I Holdings LLC and Charter Communications Holdings LLC making about $74 million in interest payments on some of the debt due Jan. 15 within the 30-day grace period that had been granted.
About $1.9 billion of debt comes due next year. Overall, more than half of Charter's $21 billion in total borrowings will mature by 2013.
As of Wednesday, Charter said it had about $800 million in cash and cash equivalents available to it.
Charter said it believes its liquidity, combined with its cash from operating activities, will be sufficient to meet its projected cash needs, including the payment of normal operating costs and expenses, as it proceeds with the restructuring.
"We are pleased to have reached an agreement with such a significant portion of our bondholders on a long-term solution to improve our capital structure," President and CEO Neil Smit said in a statement. "We are committed to continuing to provide our 5.5 million customers with quality cable, Internet and phone service, and through this agreement, we will be even better positioned to deliver the products and services our customers demand now and in the future. Moreover, the interest and support provided by our stakeholders with their new capital investment underscores their confidence in Charter and our business."
Charter said the agreement-in-principle is subject to numerous closing conditions, and there is no assurance that the treatment of creditors outlined above will not change significantly.
The company said the purpose of the restructuring is to strengthen its balance sheet in order to fully support the company's operations and service its debt. As such, the agreement-in-principle contemplates paying trade creditors in full.
Charter also reported Thursday that its fourth-quarter revenues are 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.
Although Charter'ss operations are profitable, huge interest payments have kept it from turning a profit since it went public in 1999.
A Chapter 11 bankruptcy is a reorganization, as opposed to a Chapter 7, which is a liquidation. That means Charter will continue operating with the goal of eventually emerging from bankruptcy.
In a prearranged bankruptcy, a company enters into reorganization with a plan to emerge that has the approval of major stakeholders.
UW-Madison Prof. Jim Seward, who teaches a Corporate Restructuring class in the Business School, said in an e-mail that a "pre-packaged" bankruptcy is designed to complete a reorganization in very fast order.
"There are various technical sorts of reasons why this makes sense for companies, but generally this approached is used when the company is seeking to gain creditor concessions in a congenial way, and typically there are very few (if any) repercussions for customers at all," Seward said. "This is a relatively low cost, established way of completing a distressed reorganization, so I would not expect that customers would feel any negative impact whatsoever. Indeed, they as customers are unlikely to even be aware that the company has filed bankruptcy."
The restructuring will reduce its debt, which was more than $21 billion, by $8 billion, Charter said in a news release.
The debt holders will receive combinations of new debt, cash, common shares, warrants to buy stock and preferred shares.
Charter said chairman and majority shareholder Paul Allen will retain voting control of the St. Louis-based company, which is the dominant subscription TV provider in the Madison area.
But Charter's common stock will be canceled, meaning shareholder stakes will be wiped out. Allen has invested more than $7 billion in the company.
The agreement has subsidiaries CCH I Holdings LLC and Charter Communications Holdings LLC making about $74 million in interest payments on some of the debt due Jan. 15 within the 30-day grace period that had been granted.
About $1.9 billion of debt comes due next year. Overall, more than half of Charter's $21 billion in total borrowings will mature by 2013.
As of Wednesday, Charter said it had about $800 million in cash and cash equivalents available to it.
Charter said it believes its liquidity, combined with its cash from operating activities, will be sufficient to meet its projected cash needs, including the payment of normal operating costs and expenses, as it proceeds with the restructuring.
"We are pleased to have reached an agreement with such a significant portion of our bondholders on a long-term solution to improve our capital structure," President and CEO Neil Smit said in a statement. "We are committed to continuing to provide our 5.5 million customers with quality cable, Internet and phone service, and through this agreement, we will be even better positioned to deliver the products and services our customers demand now and in the future. Moreover, the interest and support provided by our stakeholders with their new capital investment underscores their confidence in Charter and our business."
Charter said the agreement-in-principle is subject to numerous closing conditions, and there is no assurance that the treatment of creditors outlined above will not change significantly.
The company said the purpose of the restructuring is to strengthen its balance sheet in order to fully support the company's operations and service its debt. As such, the agreement-in-principle contemplates paying trade creditors in full.
Charter also reported Thursday that its fourth-quarter revenues are 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.
Although Charter'ss operations are profitable, huge interest payments have kept it from turning a profit since it went public in 1999.
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4458 views
TWiT Tech Podcast Network
Time for another AWESOME video from the TWIT Network!
View: https://www.youtube.com/shorts/z72cjoZP83E
Direct YouTube Link - AI Can Self-Replicate: Unplugging the Threat! #shorts
TWIT's Website
TWIT Live Feed
View: https://www.youtube.com/shorts/z72cjoZP83E
Direct YouTube Link - AI Can Self-Replicate: Unplugging the Threat! #shorts
TWIT's Website
TWIT Live Feed
0 Replies
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5 views
TWiT Tech Podcast Network
Time for another AWESOME video from the TWIT Network!
View: https://www.youtube.com/shorts/w5TOILSc_U8
Direct YouTube Link - AI Model Poisoning: The Hidden Threat on Hugging Face #shorts
TWIT's Website
TWIT Live Feed
View: https://www.youtube.com/shorts/w5TOILSc_U8
Direct YouTube Link - AI Model Poisoning: The Hidden Threat on Hugging Face #shorts
TWIT's Website
TWIT Live Feed
0 Replies
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5 views
Staff member
HERE TO HELP YOU!
Cutting Edge
Sometimes a thread gets so many posts in it that is can cause issues for the server so that why today we introduce The Song Name Game Part 3!
So let the game continue!
The last song was added by Bobby who posted...
One Meat Ball - Andrews Sisters
CONTINUE ON AND HAVE FUN! WELCOME HOME TO SATELLITEGUYS.US!
Here are the original rules for the game as posted by WebbyDude back in 2006. http://www.satelliteguys.us/threads/68645-Song-Name-Game
Just name a song title and the band who performed it. The next person does the same thing, but needs to list a song title or band name which includes a word from the previous entry. Pick songs from any genre.
Example:
Long Live Rock and Roll -- Rainbow
Rainbow in the Dark -- Dio
Another example:
Ride the Lightning -- Metallica
Lightning Strikes -- Ozzy Osbourne
Get it?
An additional note: we all know that song titles, sometimes, use profane words. Because this is a family friendly website it is advised that you clean up that title up a bit. This is accomplished by using something like sh!t instead of the real word. Thanks....
So let the game continue!
The last song was added by Bobby who posted...
One Meat Ball - Andrews Sisters
CONTINUE ON AND HAVE FUN! WELCOME HOME TO SATELLITEGUYS.US!
Here are the original rules for the game as posted by WebbyDude back in 2006. http://www.satelliteguys.us/threads/68645-Song-Name-Game
Just name a song title and the band who performed it. The next person does the same thing, but needs to list a song title or band name which includes a word from the previous entry. Pick songs from any genre.
Example:
Long Live Rock and Roll -- Rainbow
Rainbow in the Dark -- Dio
Another example:
Ride the Lightning -- Metallica
Lightning Strikes -- Ozzy Osbourne
Get it?
An additional note: we all know that song titles, sometimes, use profane words. Because this is a family friendly website it is advised that you clean up that title up a bit. This is accomplished by using something like sh!t instead of the real word. Thanks....
68495 Replies
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2670605 views
Supporting Founder
Several Dish offers showed up today in my account. Once you choose one the rest are removed. Offers were Showtime, Starz, AMC and others.
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1560 views
Not for me, mines has no mention of how long aka the offer period and the Terms and conditions the $0.00 is good for. All I see is one can lose $5.00 if you decide to remove it before day 31 after you add it to the account.
Pub Member / Supporter
Cutting Edge
I created this thread on the original Edgecutter Cutting Edge Forums site. It's simply a place for those to review the latest software available for those using Windows 10 and Windows 11. To date it has received 112,559 views. I have been asked by staff to continue this thread here.
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47202 views
To each there own but I've found that Windows can't do much more than Linux can. Can't have everything.
For niche use cases, yes I agree. Kali for ethical hacking and security testing, and running a Cacti server for network monitoring are the two things I have experience in. Plus thousands and thousands of other things, but for every day use I just can't see it. The owner of the GMRS repeater that I pay to access is changing the Tx DPL tones tomorrow, while Chirp is available on Linux, the software to program my MXT500 is not.To each there own but I've found that Windows can't do much more than Linux can. Can't have everything.
I run Fedora and Ubuntu in VMWare, honestly I don't care much for the UI of either of them and I don't feel like spending days/weeks to customize the UI to make it look Windows-like when I could just use Windows. The cartoonish dock at the bottom of the screen reminds me of Apple products.
As I said above, and, FWIW, I run Win11 Pro and Arch on separate 250 GB NVME drives, using F8 to select which I boot to, with a 1TB SSD for storage, accessible to both OSs and a third formatted Nvme I want to use to learn Kali. It was much faster to setup Arch than it was to strip down Windows. Windows still takes much longer to boot.
For some reason, the satelliteguys.us site is loading a lot slower than usual on both Chrome on my Asus laptop and Safari on my iPhone.
I'm also seeing longer appearances of the blue bar at the top and the "3 blue bars" loading symbol.
Is anyone else also having the same problem? Thanks in advance.
I'm also seeing longer appearances of the blue bar at the top and the "3 blue bars" loading symbol.
Is anyone else also having the same problem? Thanks in advance.
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17928 views
Remember folks... just like DNS... its always Foxbat. 
WTF… …What the Foxbat!Remember folks... just like DNS... its always Foxbat.
S
wow what a kick in the balls!!! the wife blames you when things don't work now scott's blaming youWTF… …What the Foxbat!
I know. Here's what Scott has in store for me if I get out of line:wow what a kick in the balls!!! the wife blames you when things don't work now scott's blaming you
Help, I'm a little confjused on the activation process.
I purchased the Joey 4 from Solid Signal and shipping box has Call 866 726-4282 to Avtivate new Receiver. That number is Solid Signals number.
I googled and that search said call Dish to activate. I assume that is correct unless this requires a 2 step process.
Please let me know.
Thanks
I purchased the Joey 4 from Solid Signal and shipping box has Call 866 726-4282 to Avtivate new Receiver. That number is Solid Signals number.
I googled and that search said call Dish to activate. I assume that is correct unless this requires a 2 step process.
Please let me know.
Thanks
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198 views
All good called Dish and new Joey 4 is activated and working.
Old Joey 2 deactivated and no need to return.
Old Joey 2 deactivated and no need to return.
S
i bought mine straight from dish as it was only $ 100.00 bucks!!! had the protection plan they came out removed and deactivated the 4k joey and activated and installed the joey 4.All good called Dish and new Joey 4 is activated and working.
Old Joey 2 deactivated and no need to return.
Supporting Founder
Pub Member / Supporter
Lifetime Supporter
Apple has finally released their Apple TV 4K with built-in Siri and a microphone so it can respond to your queries even if you don't have the remote. It also increases in price, to $299. I had been planning on updating my current Apple TV 4K streamers, but that's $600 for the two of them, and that's a pass at this point.
At $299, it had better come with 256 GB of Storage, Gigabit (or better) Ethernet, the latest HDMI tech and standards, and one year of free Apple One. But it probably won't…
At $299, it had better come with 256 GB of Storage, Gigabit (or better) Ethernet, the latest HDMI tech and standards, and one year of free Apple One. But it probably won't…
Apple TV 4K
Apple TV 4K. New Siri AI and hands-free control. Stunning picture and immersive HomePod surround sound. Works with your Apple and smart home devices.
www.apple.com
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180 views
S
. apple's been making money off of software and not hardware for a while
they all do that anyways.. ever notice your cell phone slows down when you come up for an upgrade..
. apple's been making money off of software and not hardware for a while
The new curated multiview is now live.
While on many of the sports channels and non sports channels there is a multi view option button. It will pull up a side bar with many different multi view options.
While on many of the sports channels and non sports channels there is a multi view option button. It will pull up a side bar with many different multi view options.
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162 views
Supporting Founder
Really excited for this season with Kentucky having a new coach and some really exciting recruits. Probably won't last long, but here's hoping this season is great.
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1357 views
