Cable operator Charter Communications—controlled by Microsoft co-founder Paul Allen—has announced it has reached a deal with investors to restructure the company under Chapter 11 bankruptcy protection. The deal will reduce Charter’s debt by about $8 billion, with investors and bondholders getting a mix of new stock, equity stakes, and cash depending on their seniority. Paul Allen will maintain a controlling interest in the company, but holders of common stock will be left holding the bag: the stock will be canceled and holders won’t see a penny.
