A cable company that serves thousands in the Tri-Cities will file for bankruptcy.
Charter Communications will file a pre-arranged chapter 11 bankruptcy reorganization plan by April 1.
The holders of $8 billion in debt will give up repayment in exchange for common stock which will, for all purposes, make them owners of the company.
Existing shares of common stock, worth three pennies on the Nasdaq yesterday afternoon, will be cancelled.
News Channel 11 talked to the corporate headquarters and they tell us the reorganization won't effect their local cable, internet or phone operations.
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