Charter Communications Announces NASDAQ Delisting Notification
March 30 2009 - 6:40PM
PR Newswire (US)
ST. LOUIS, March 30 /PRNewswire-FirstCall/ -- Charter
Communications, Inc. (NASDAQ:CHTR) ("Charter," the "Company")
announced that the NASDAQ Stock Market ("NASDAQ") on March 27
notified the Company that NASDAQ will suspend and delist trading of
the Company's common stock on the NASDAQ Stock Market, effective
with the open of business on April 7, 2009. The notice follows the
Company's announcement that it has commenced the next phase of its
previously announced financial restructuring by filing its
pre-arranged plan of reorganization and Chapter 11 petitions in the
United States Bankruptcy Court for the Southern District of New
York. The Company does not intend to appeal NASDAQ's delisting
decision and expects that its common stock will be quoted on the
OTC Bulletin Board or in the "Pink Sheets" effective April 7, 2009,
but there is no assurance as quotes on the "Pink Sheets" are
dependent upon the actions of third parties. About Charter
Communications Charter Communications, Inc. is a leading broadband
communications company and the fourth-largest cable operator in the
United States. Charter provides a full range of advanced broadband
services, including advanced Charter Digital Cable(R) video
entertainment programming, Charter High-Speed(R) Internet access,
and Charter Telephone(R). Charter Business(TM) similarly provides
scalable, tailored, and cost-effective broadband communications
solutions to business organizations, such as business-to-business
Internet access, data networking, video and music entertainment
services, and business telephone. Charter's advertising sales and
production services are sold under the Charter Media(R) brand. More
information about Charter can be found at http://www.charter.com/.
Cautionary Statement Regarding Forward-Looking Statements: This
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, regarding,
among other things, our plans, strategies and prospects, both
business and financial. Although we believe that our plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, we cannot assure you
that we will achieve or realize these plans, intentions or
expectations. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions including, without limitation,
the factors described under "Risk Factors" from time to time in our
filings with the Securities and Exchange Commission ("SEC"). Many
of the forward-looking statements contained in this release may be
identified by the use of forward-looking words such as "believe,"
"expect," "anticipate," "should," "plans," "will," "may," "intend,"
"estimated," "aim," "on track," "target," "opportunity" and
"potential," among others. Important factors that could cause
actual results to differ materially from the forward-looking
statements we make in this release are set forth in other reports
or documents that we file from time to time with the SEC, including
our quarterly reports on Form 10-Q filed in 2008 and our most
recent annual report on Form 10-K, and include, but are not limited
to: -- the completion of the Company's restructuring including the
outcome and impact on our business of the proceedings under Chapter
11 of the Bankruptcy Code; -- the ability of the Company to satisfy
closing conditions under the agreements-in-principle and
Pre-Arranged Plan and related documents and to have the
Pre-Arranged Plan confirmed by the bankruptcy court; -- the
availability of and access to, in general, funds to meet interest
payment obligations under our debt and to fund our operations and
necessary capital expenditures, either through cash on hand, cash
flows from operating activities, further borrowings or other
sources and, in particular, our ability to fund debt obligations
(by dividend, investment or otherwise) to the applicable obligor of
such debt; -- our ability to comply with all covenants in our
indentures and credit facilities, any violation of which, if not
cured in a timely manner, could trigger a default of our other
obligations under cross-default provisions; -- our ability to repay
debt prior to or when it becomes due and/or successfully access the
capital or credit markets to refinance that debt through new
issuances, exchange offers or otherwise, including restructuring
our balance sheet and leverage position, especially given recent
volatility and disruption in the capital and credit markets; -- the
impact of competition from other distributors, including incumbent
telephone companies, direct broadcast satellite operators, wireless
broadband providers, and digital subscriber line ("DSL") providers;
-- difficulties in growing, further introducing, and operating our
telephone services, while adequately meeting customer expectations
for the reliability of voice services; -- our ability to adequately
meet demand for installations and customer service; -- our ability
to sustain and grow revenues and cash flows from operating
activities by offering video, high-speed Internet, telephone and
other services, and to maintain and grow our customer base,
particularly in the face of increasingly aggressive competition; --
our ability to obtain programming at reasonable prices or to
adequately raise prices to offset the effects of higher programming
costs; -- general business conditions, economic uncertainty or
downturn, including the recent volatility and disruption in the
capital and credit markets and the significant downturn in the
housing sector and overall economy; and -- the effects of
governmental regulation on our business. All forward-looking
statements attributable to us or any person acting on our behalf
are expressly qualified in their entirety by this cautionary
statement. We are under no duty or obligation to update any of the
forward-looking statements after the date of this release.
Contacts: Media: Anita Lamont, 314-543-2215 Charter Communications,
Inc. Andy Brimmer / Sharon Stern Joele Frank, Wilkinson Brimmer
Katcher 212-355-4449 or Analysts: Mary Jo Moehle, 314-543-2397
Charter Communications, Inc. DATASOURCE: Charter Communications,
Inc. CONTACT: Media, Anita Lamont, +1-314-543-2215, Charter
Communications, Inc.; or Andy Brimmer or Sharon Stern, Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449; or Analysts, Mary Jo
Moehle, +1-314-543-2397, Charter Communications, Inc. Web Site:
http://www.charter.com/
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