Charter Says Hello to Chapter 11

Charter Communications (CHTR) has made its financial problems official by filing for Chapter 11 bankruptcy. The cable operator believes the move will cut its debt by $8 million.

Paul Allen’s company was nearly $22 billion in debt at the end of last year. Allen previously indicated Charter would file by the end of this month.

Charter's stock was valued at 3 cents in early afternoon trading on Friday.

But hey, cheer up, Paul. At least your Portland Trail Blazers might make the NBA playoffs this year.