Charter Communications (CHTR) has made its financial problems official by filing for Chapter 11 bankruptcy. The cable operator believes the move will cut its debt by $8 million.
Paul Allen’s company was nearly $22 billion in debt at the end of last year. Allen previously indicated Charter would file by the end of this month.
Charter's stock was valued at 3 cents in early afternoon trading on Friday.
But hey, cheer up, Paul. At least your Portland Trail Blazers might make the NBA playoffs this year.
