According to an article in the Star-Telegram, Charter Communications, the fourth-largest cable operator in the country has filed for Chapter 11 bankruptcy.
The article said:
Charter, which serves 150,000 customers in 59 municipalities in the Fort Worth area, said last month that the upcoming filing would not affect its service. It reported having about 350 employees in the Fort Worth area.
Certainly, some of those employees will face job losses as the bankruptcy filing forces them to cut costs. Charter has $13 billion in debt and has been dodging bankruptcy for years. By filing Chapter 11 bankruptcy, Charter hopes to balance its books and increase cash flow. But with the current state of the economy, tight credit and consumer cutbacks in spending increasing cash flow may be little trickier than Charter thinks. The bankrupt cable company promises to uninterrupted service to its 150,000 customers in Forth Worth; but many consumers may be scared away by the bankruptcy filing. Like other companies who have succumb to bankruptcy, Charter faces an uphill battle in keeping existing customers and winning over new customers.