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Charter Defaults on Debt

On Thursday, the fourth largest U.S. cable-TV provider Charter Communications said

On Thursday, the fourth largest U.S. cable-TV provider Charter Communications said Thursday that two units did not make scheduled interest payments of $73.7 million, reports the Wall St. Journal. As the company continues to try to restructure its debt with bondholders, the interest payments on the $1.15 billion notes must be made within a 30-day grace period or Charter will default on the notes. Charter said such a default wouldn’t cause cross-defaults on any other debt. Last month, the company – controlled by Microsoft Corp. co-founder Paul Allen – said it was began trying to improve its balance sheet to avoid as it feared seeking bankruptcy protection if it failed to raise new financing by 2010.