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Technology Stocks : Charter Communications (CHTR)

CHTR 248.85

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From: Glenn Petersen	12/1/2009 7:45:21 AM
	of 2437

Charter Communications exits bankruptcy absent its shareholders, except of course, Paul Allen: Charter Communications Exits Chapter 11 By SHIRA OVIDE Wall Street Journal NOVEMBER 30, 2009, 9:47 P.M. ET Charter Communications Inc., the cable operator that has been controlled by Microsoft Corp. co-founder Paul Allen, said Monday it emerged from bankruptcy protection. The reorganized Charter will be controlled by Mr. Allen and the company's bondholders. Mr. Allen, who recently said he's being treated for non-Hodgkin's lymphoma, will hold the biggest individual voting stake at 35%. Mr. Allen also will have the right to elect four of Charter's 11 company directors, according to a bankruptcy-court filing. Charter, which says it's the fourth-largest U.S. cable company, filed for bankruptcy protection in March under the weight of about $22 billion in debt, in part from a string of acquisitions. The company earlier had reached an agreement with creditors to file for bankruptcy protection. Charter said Monday that it has reduced its debt load by about 40% through the bankruptcy process. Write to Shira Ovide at shira.ovide@wsj.com online.wsj.com

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