Charter Communications announced Thursday it plans to file for Chapter 11 bankruptcy as part of an agreement reached with its debt holders.
The announcement runs counter to the success its largest investor and Chairman Paul Allen received when he co-founded Microsoft with Bill Gates. Since that time, however, Allen has run into bumps along the way with his other investments.
Charter, which announced its plans to file for Chapter 11 while the markets were open, ended the day down a whopping 48.1 percent to close at nearly 3.5 cents a share.
By April 1, Charter plans to file … Read more