Breaking news! Charter Communications Inc.(CHTR) runs a high chance of facing financial distress.
That’s the out-of-the-blue shocker (please insert the proper sarcastic tone here) today from Citigroup.
“In the current credit environment, planned negotiations with a diffuse set of bondholders with varied interests might not be successful given the company’s significant liquidity needs and need to refinance 2010 maturities,” wrote analyst David Hamburger. “Likelihood of financial distress rises to 75 percent, versus 20 percent under our prior view.”
Do we have to say it? Really? Are you going to make us?
Well, all right, here it is: DUH.
Charter has made it clear for several weeks now that it’s looking to its financial advisor to help it improve its balance sheet.
