Apollo Management, a private-equity firm, is considering taking a controlling stake in Charter Communications Inc.(CHTR), which has filed for bankruptcy.
Apollo already controls a substantial amount of Charter’s $21.7 billion debt. It would trade debt for equity if the deal goes through. Meanwhile, Microsoft Corp. co-founder Paul Allen, who controls Charter, would retain voting control of the company, the Wall Street Journal reported.
Charter’s stocks were trading at 4 cents at mid-day on Friday.
