Charter Communications Files for Bankruptcy

Charter Communications has filed for bankruptcy to restructure its balance sheet and operations and rid itself of at least $8 billion of debt. The company also said it reached an agreement with certain bond holders for a more than $3 billion investment. The deal would include up to $2 billion in equity, $1.2 billion of roll-over debt and $267 million in new debt. The company's primary bond holder is Apollo Investment Management, which plans to take a majority equity stake through the restructuring. Other debt holders include Oaktree Capital Management and Crestview Partners.