ST. LOUIS, MO.: NASDAQ has issued a delisting notice to Charter, the cable company said. The stock market said it would suspend and delist Charter’s stock effective April 7 at the open of the business day.
Charter, (NASDAQ; CHTR) filed for Chapter 11 March 27, in U.S. Bankruptcy Court for the Southern District of New York. Its stock fell below $1 last September and never recovered. It will either go to the Pink Sheets or the Over-the-Counter Bulletin Board.
Charter, the nation’s fourth largest cable operators, warned of bankruptcy more than a month ago. Under terms of a restructure agreement, bondholders will infuse Charter with $3 billion, which is expected to help it cut its $21.7 billion debt by $8 billion. The company said it had adequate cash on hand and from operations to continue providing service to its 5.5 million subscribers. It expects to emerge from bankruptcy by August.
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