Report: Charter hires turnaround expert

Mon, 02/09/2009 - 8:05am
Brian Santo

Charter Communications has hired turnaround expert Greg Doody, another signal that the company may end up restructuring as part of its struggle to manage its debt, according to a report in Reuters.

Doody is known for his work turning around energy company Calpine Corp., and before that HealthSouth Corp.

Reuters previously reported that Charter had hired Kirkland & Ellis to advise on bankruptcy proceedings and investment bank Lazard LLC to help renegotiate debt agreements with bondholders.

The company missed a $73.7 million interest payment due on Jan. 14 but has until Feb. 15 before technically defaulting (story here).

According to Reuters: “The timing of a possible bankruptcy filing is unclear, and there is a possibility that the company could negotiate a so-called "prepackaged" bankruptcy with bondholders. A prepackaged plan is a cheaper and quicker way to go through the bankruptcy process because major creditors vote on the terms of the bankruptcy plan before it is filed with the court.”

More Broadband Direct 02/09/09:
•  Report: Charter hires turnaround expert
•  ACA: Independents key to broadband access
•  SCTE: First Canadian Summit a hit
•  MetroCast taps into RCN's 10 Gbps platform
•  VeriSign eases VoIP, wireless bridge
•  thePlatform lowers bandwidth prices
•  Cisco rolling with WiMAX
•  DOCSIS 3.0 to cover half of U.S. by 2010-11
•  AT&T, CWA negotiations stall
•  Verizon Wireless connects with E! on Verizon Hub
•  Caribbean provider launches Motorola for new IPTV services
•  U.S. analog TV shutdown bolder, riskier than most
•  Broadband Briefs for 02/09/09



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