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More objections to Charter’s reorg

Tue, 07/14/2009 - 8:30am
Brian Santo

More complications were introduced to Charter Communications’ Chapter 11 bankruptcy proceedings when one of its major creditor banks said it wants to file an objection to the company’s reorganization plan, and Verizon filed a separate objection.

Wells Fargo Bank is asking for court permission to file a sealed objection to Charter’s reorganization plan ahead of a hearing next week, according to Reuters (story here).

A hearing to decide about approving Charter's pre-arranged plan, including the reinstatement of $11.8 billion in debt, is set for July 20. The case is being heard in U.S. Bankruptcy Court, Southern District of New York.

Wells Fargo says its objection involves confidential information, which is why it is asking for permission to file its claim under seal. The bank is acting as an agent for third-lien lenders to CCO Holdings LLC, a unit of Charter.

Verizon Communications, meanwhile, is worried that a plan submitted by Charter could put at risk any future award or settlement money obtained from Charter in pending patent infringement suits, according to Law360 (story here), a Web site that follows bankruptcy proceedings.

More Broadband Direct 07/14/09:
•  Comcast adds HBO, Cinemax to online streaming trial
•  More objections to Charter's reorg
•  Integra5 switches name to MediaFriends
•  Blockbuster to stream video rentals on Samsung TVs
•  Verizon Business a Cisco data center reseller
•  Move Networks names Austin CEO, president
•  Magna: Traditional TV ad revenue to dwarf online video for years
•  Broadband Briefs for 07/14/09
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