Charter Communications files for prearranged Chapter 11 bankruptcy

We knew the flagging Charter Communications was looking to file for Chapter 11 on or before April 1st, and rather than waiting until Wednesday and fielding questions of whether or not the whole thing was "a joke," said carrier has gone ahead and made things official here in March. This past Friday, the fourth largest cable company filed for its prearranged Chapter 11 bankruptcy in order to stave off hungry creditors and look for ways to keep afloat. The good news is that it's hoping to emerge from bankruptcy as early as this summer, and at least currently, it's not planning to sell any of its assets to competitors. Of note, Charter has failed to post a single profit since going public in 1999, so one shouldn't be shocked at the $8 billion debt figure that the filing will restructure. Good luck out there Charter, you're going to need it.