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Charter to explore financial alternatives with bondholders
By Jennifer Chiou
New York, Dec. 12 - Charter Communications Inc. announced that it has asked its long-standing financial advisor, Lazard LLC, to initiate discussions with its bondholders about financial alternatives to improve its balance sheet.
"We believe engaging in discussions with our bondholders, aimed at improving our capital structure and enhancing our financial flexibility, is in the company's and our customers' best interests," Neil Smit, president and chief executive officer, said in a news release.
"In the third quarter 2008, revenues increased 7.3%, and net customer additions increased more than 50% year over year. Our objective in these discussions is to improve our balance sheet, which will better position Charter for the future, while we continue to focus on delivering quality service to our customers and growing our business."
Charter noted that its cash on hand and cash equivalents as of Dec. 10 were in excess of $900 million, which is available to pay operating costs and expenses.
Charter is a broadband communications company based in St. Louis.
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