Debt-laden cable operator Charter Communications Inc. (CHTR) is filing for Chapter 11 bankruptcy by April 1.
Charter, controlled by Microsoft Corp. (MSFT) co-founder Paul Allen and boasting 5.5 million customers, is buckling under the weight of more than $20 billion in long-term debt. The company expects to reduce that amount by about $8 billion once it finishes restructuring. (Really? Only by $8 billion??)
Analysts and other observers have speculated for some time that Charter was on the brink of bankruptcy.
