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