back to article Paul Allen's cable firm files for Chapter 11

Charter Communications Inc, which is controlled by Microsoft cofounder Paul Allen, will file for Chapter 11 bankruptcy protection by 1 April after striking a deal with senior debt holders yesterday. The US cable firm said in a statement that it had reached an agreement with some of its creditors to help it reduce its debt by $ …

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  1. amanfromMars Silver badge
    Pirate

    Reading between the lines ....

    "We are committed to continuing to provide our 5.5 million customers with quality cable, internet and phone service, .."

    If they would start to provide quality cable, internet and phone service they would not need protection.

  2. Anonymous Coward
    Coat

    Really bankrupt?

    Or just a more efficient way - via cable - for Microsoft to deliver the blue screen of death?

  3. Joe K
    Thumb Down

    The new fad

    So in the US you can just get billions/millions in debt, file this Chapter 11 thing, and all your debts are gone?

    I know thats not the way, but it seems to be recently. File it, creditors get nothing, business as usual.

    Midway Games did the same thing today too.

  4. Anonymous Coward
    Black Helicopters

    Wonder if he'll have to sell his boat?

    http://www.motoryachtoctopus.com/

    And I can't believe it has it's own "fan" site.

    (Black Helicopters? That thing has room for two.)

  5. Bruce Dath

    No surprise here

    Consumer Reports rated Charter as last or next to last in all areas for the last two years. Since my home is in a remote area, they're the only broadband provider, and I can testify to the fact that the service is the first utility to fail in a disaster, the last to be restored, expensive and flakey. Plus, it's only been about six months since customer support lines were staffed by people who speak English.

  6. Anonymous Coward
    Anonymous Coward

    WTF

    Or just a more efficient way - via cable - for Microsoft to deliver the blue screen of death?

    Does this have to with MS . Pull your fucking he ad out f your ass. Just be cause the guy the founded this is part of MS does not mean MS is involved . Christ fucking sakes some you anti MS people are dumb as fucking rocks .

  7. James Gibbons
    Alert

    Are Allen's shares common stock?

    "As part of that deal shareholders have been frozen out and will receive nothing"

    Just wondering what Mr. Allen's exposure is?

  8. unitron

    Did they spend it all on cocaine and hookers?

    Cable companies have geographical monopolies, own about half of the channels they carry, charge an arm and a leg, don't bother with backup line power that doesn't rely on the local electric power utility the way the phone company does, and don't give you any discount when their service is down, and they still can't make money?

  9. Anonymous Coward
    Pirate

    Greedy bastards, short-term profit

    "Did they spend it all on cocaine and hookers?"

    Probably. It's the stylish thing to do, you know :( And of course they'd have to have a few high-priced luxury cars and at least two wondrous seaside vacation homes too. They have their image to maintain, after all.

  10. Anonymous Coward
    Flame

    Fat cats don't have to pay their debts

    Joe K: "So in the US you can just get billions/millions in debt, file this Chapter 11 thing, and all your debts are gone? I know thats not the way, but it seems to be recently. File it, creditors get nothing, business as usual."

    Yes but only the *rich* get to do that now - it's a subset of the well-known phenomenom called "corporate welfare." The rich right-wing Republicans think it's wonderful, because it protects their royal asses - that way, they can use TAXPAYER MONEY for executives' Golden Parachutes and fancy yachts etc. All that bullshit about Republicans being fiscal conservatives only applies to their OWN money, not someone else's!

    Meanwhile, their former workers and stockholders are having their houses repo'd or wondering how long it will be before they're waiting in line with the winos and the much-despised "welfare moms" and other degenerates at the food-bank.

    For *normal* working people (not the rich hoity-toity), there have been laws enacted (several years ago) that make it much more difficult for Joe Average worker to file bankruptcy... hmm... almost like they knew it was coming...

    Greedy fat cats win, as always. Nothing new there. Just more public and visible this time, is all. They've become quite bold.

  11. elderlybloke
    Happy

    Mr. Anon.coward

    Regarding the mention of MS, please do not get your tits in a tangle over this

    I was going to say I love MS to help calm you down , but decided not to,

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