Charter Ready to Leave Bankruptcy Behind

A judge indicates he will approve Charter Communications’ reorganization plan, meaning the company will likely emerge from Chapter 11 bankruptcy by the end of 2009.

Getting to this point hasn’t been an easy road. Two major banks opposed the original version of the plan because they said it violated loan agreements.

Control of the company will go to a few creditors, with founder Paul Allen expected to keep a 35 percent voting stake in the country’s fifth-largest MSO.

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