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| Paul Allen had
to keep his voting rights as part of the deal |
Following a decision in the United States Bankruptcy
Court Southern District of New York, Charter Communications
successfully reinstated $12 billion of its $22 billion debt
complete with the favourable terms it was issued on in 2007. It
has also written off $8 billion of debt and raised $1.6 billion
of new equity through a rights issue.
“The ruling will be cited over and over again,”
said Jay Goffman, head of corporate restructuring at
Skadden Arps Slate Meagher & Flom in New York.
“It states that you can get a group of bondholders
together, give them legal and financial advice and...