Laserfiche WebLink
RESOLUTION NO. 09- <br />CONSENT TO CHARTER RESTRUCTURING <br />WHEREAS, CC VIII Operating, LLC ("Franchisee"), an indirect, wholly-owned subsidiary <br />of Charter Communications, Inc. ("Charter"), owns a cable television system (the "System") in the <br />City of Elk River, Minnesota (the "Franchise Authority"); and <br />WHEREAS, Franchisee operates pursuant to a cable franchise ordinance ("Franchise") <br />issued by the Franchising Authority; and <br />WHEREAS, on March 27, 2009, Charter and certain of its subsidiaries filed voluntary <br />petitions in the United States Bankruptcy Court fox the Southern District of New York <br />("Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United <br />States Code in order to effectuate a financial restructuring (Case No. 09-11435); and <br />WHEREAS, pursuant to the terms of agreements entered into between Charter and its key <br />bondholders, Charter's current Class A Common Stock and Class B Common Stock will be <br />cancelled and replaced with new voting stock owned by Paul G. Allen and such bondholders, as <br />described in filings with the Bankruptcy Court (the "Reorganization"), copies of which have been <br />provided to the Franchise Authority; and <br />WHEREAS, pursuant to the Reorganization, the voting interest of Charter's current <br />principle shareholder, Paul G. Allen and his affiliated entities, will be reduced from approximately <br />91% to 35%, and new stockholders (principally certain bondholders) will acquire the remaining 65% <br />of the voting shares; and <br />WHEREAS, under both the Franchise and Minnesota Statutes, Section 238.083, the <br />Franchising Authority's written approval of the Reorganization is necessary; and <br />WHEREAS, in April, 2009, Charter requested the Franchising Authority's written approval <br />of the Reorganization by filing Federal Communications Commission ("FCC") Form 394; and <br />WHEREAS, the City has reviewed the FCC Form 394 and finds that the Reorganization, as <br />described therein, will not materially impair the legal, technical or financial ability of Charter or <br />Franchisee to perform under the terms of the Franchise. <br />WHEREAS, the Franchise Authority has considered and approves of the Reorganization <br />described above. <br />S:\Resolutions\Charter Restructuring Consent.DOC <br />