ST. LOUIS–(BUSINESS WIRE)–Nov. 17, 2009– The Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”) pre-arranged Joint Plan of Reorganization (the “Pre-Arranged Plan”) has been confirmed by the United States Bankruptcy Court for the Southern District of New York (the “Court”). The Company expects to emerge from Chapter 11 with a significantly improved capital structure.
“The Court’s confirmation of our plan is a great accomplishment for Charter and a positive outcome for our customers, vendors and employees. It reflects the support of our many stakeholders,” said Neil Smit, President and Chief Executive Officer. “Throughout this process, Charter has taken great care to consistently put customers first, while posting solid operating results. Charter continues to move forward – we are improving our video, high-speed Internet and telephone services, adding new ways to reach customer care agents and scheduling more convenient service appointments, all centered on enhancing the customer experience. Going forward, Charter will continue to provide simple, customer-oriented entertainment and communications solutions and upon emergence, will have an improved capital structure.”
The Court’s confirmation of the Pre-Arranged Plan paves the way for Charter to successfully conclude one of the largest and most complex pre-arranged financial restructurings ever. Upon the Pre-Arranged Plan becoming effective, Charter expects to generate positive free cash flow through the reduction of more than $830 million in annual interest expense. The current debt of Company subsidiaries CCO Holdings, LLC and Charter Communications Operating, LLC will be reinstated under pre-existing pricing and maturity dates. In addition, the Pre-Arranged Plan provides for the reduction of approximately $8 billion of debt, approximately $1.6 billion in proceeds from an equity rights offering to support the overall refinancing, and the exchange of approximately $1.7 billion of CCH II notes for new 13.5% CCH II notes due 2016. Existing shares of the Company’s common stock will be cancelled. Paul Allen will continue as an investor, and will retain the largest voting interest in the Company. The Company intends to apply for listing of its new common stock issued in accordance to the Plan on The NASDAQ Stock Market LLC not earlier than 45 days after emergence.
The Company anticipates that certain objectors may appeal the Court’s confirmation of the Pre-Arranged Plan, as well as seek to stay the proceedings during the pendency of the appeal. Unless a Court orders a stay of the Court’s confirmation while an appeal is pending, the Company expects to move forward with satisfying the conditions to the Pre-Arranged Plan’s effectiveness and anticipates the Pre-Arranged Plan becoming effective even if an appeal is still pending.
Additional information about Charter’s restructuring is available at the Company’s website www.charter.com and www.kccllc.net/charter. Charter filed its Pre-Arranged Plan and Chapter 11 petitions on March 27, 2009.
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