By AP/KWMU
St. Louis, MO – St. Louis-based cable operator Charter Communications has announced plans to file for Chapter 11 bankruptcy.
Under the agreement, debt holders will be paid off in full. Shareholders with the company will have their stakes canceled. Two subsidiaries will have to make $74 million in debt payments that were due January 15th.
Chief executive officer Neil Smit says the company's cable, Internet and telephone service will continue to operate throughout the reorganization process. The agreement will reduce its debt by $8 billion.