No Buyers For Charter (CHTR)
August 16, 2007 by Douglas A. McIntyreThe market seems to agree with what 24/7 Wall St. wrote lates yesterday. No one will buy debt-laden Charter Communications (CHTR) and even controlling shareholder and billionaire Paul Allen does not have the money to cover the $19 billion in debt. His part of the company’s equity is worth about $500 million.
Charter shares are off almost 10% today to $2.31. The stock traded at $4.93 on July 19.
Charter may have trouble if its operating income slips even slightly. With no buyer in sight, it has to cover debt service out of cash flow, and that may be tough.
Douglas A. McIntyre
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