Charter Files For Prearranged Bankruptcy

DEBORAH YAO

Charter Communications Inc. on Friday filed for a prearranged Chapter 11 bankruptcy to get relief from its creditors, as the nation's fourth largest cable operator strives to keep its head above water and still compete with phone companies and satellite TV providers.

Charter serves eight Nebraska cities as well as outlying areas of Omaha and Lincoln.

The filing restructures about $8 billion of debt at St. Louis-based Charter, which is controlled by Microsoft Corp. co-founder Paul Allen, but leaves about $13 billion of debt on its books. Allen will control 35 percent of the votes in the reorganized company. ...