Cable TV provider poised for bankruptcy filing?

UNDATED - There are growing signs the major cable television provider in Hall County - Charter Communications - is headed toward bankruptcy.

Some rating services - Moody's among them - say a bankruptcy filing is likely because of a $21 billion debt. But Charter says, as of last Wednesday, it had $900 million in cash and cash equivalents on hand which is available to pay operating costs and expenses.

STATEMENT ISSUED FRIDAY BY CHARTER

Charter Communications, Inc. (NASDAQ: CHTR) ("Charter") announced today that it has asked its long-standing financial advisor, Lazard LLC, to initiate discussions with the Company's bondholders about financial alternatives to improve the Company's balance sheet.

"We believe engaging in discussions with our bondholders, aimed at improving our capital structure and enhancing our financial flexibility, is in the Company's and our customers' best interests," said Neil Smit, President and Chief Executive Officer. "In the third quarter 2008, revenues increased 7.3%, and net customer additions increased more than 50% year over year. Our objective in these discussions is to improve our balance sheet, which will better position Charter for the future, while we continue to focus on delivering quality service to our customers and growing our business."

Charter noted that its cash on hand and cash equivalents as of December 10, 2008, was in excess of $900 million, which is available to pay operating costs and expenses.

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On the Net: Charter Communications. http://www.charter.com