Charter Communications has hired a lawyer with expertise in assisting corporations through bankruptcy reorganizations, according to published reports.
Greg Doody, who worked with power company Calpine through its restructuring from 2006 to August 2008, is now advising Charter, Reuters and Bloomberg reported Friday. Both noted that former Calpine CEO Robert May is on Charter's board; in 2005, May also served as interim CEO of Charter before the MSO hired Neil Smit in August of that year.
In December, Charter asked investment bank Lazard LLC to initiate discussions with bondholders about restructuring the debt. Last month the MSO hired Kirkland & Ellis, a law firm that specializes in bankruptcy, according to reports.
Charter, the fourth-biggest U.S. cable operator, missed a $73.7 million interest payment on about $1.2 billion in bond debt that was due on Jan. 14. The company has until Feb. 15 to make the payment before defaulting.