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~ . ~ 6 <br />~~. ~~ ~ ~ <br />._ <br />April 1, 2009 <br />Ms. Lori Johnson <br />City Clerk <br />City of Elk River <br />1305 Crono Parkway <br />Elk River,_MN 55330-0490 <br />Re. Charter Communications, Inc. Restructuring <br />Dear Nis. Johnson: <br />1~lFOtRN1AT10N <br />fiver the past few months we have been communicating with you about our <br />financial restructuring process. In February, Charter Communications, Inc, ~"Charter"~, <br />the ultimate parent corporation of your franchisee, announced that it had reached <br />agreements with certain of its key bondholders to significantly reduce its debt and <br />provide new capital to Charter. In order to implement the restructuring plan as <br />expeditiously as passible, on March 27, 2009, Charter voluntarily began a Chapter 11 <br />reorganization process. As you may know, the Chapter 11 process is specifically <br />designed to enable companies to continue to operate while they develop and implement <br />financial restructuring plans. <br />'while in reorganization pursuant to Chapter 1 1, Charter and its subsidiaxies will <br />continue to provide services to their customers as usual. To that end Charter sought and <br />obtained interim authority Pram the Bankruptcy Court to use its cash for normal business <br />operations. Cn March 30, 2009, Charter received interim authorization from the <br />Bankruptcy Court to continue paying franchise fees and amounts due under its franchise <br />agreements. At a hearing scheduled for April 15, 2009, Charter will seek final approval <br />from the Bankruptcy Court to pay such fees and amounts, Charter also received <br />permission from the Bankruptcy Court to continue to honor all of its current customer <br />programs and is seeking approval to pay all of its vendors in the normal course of <br />business, we are pleased to have completed these important early steps in our financial <br />restructuring. <br />The agreements between Charter and its key bondholders and principal <br />stockholder, Paul G. Allen, contemplate that upon completion of the reorganization, <br />Charter's current stock will be cancelled and replaced by new .stock, Some of those <br />bondholders and Mr, Allen ~wha will continue to have the largest individual voting <br />interest in Charter}, will be issued new voting stock in Charter in exchange for their <br />current claims and interests. Pursuant to the agreements, some of the bondholders will <br />invest $3 billion of capital in Charter to support the overall refinancing. <br />~~720 Amber Park Dr,, Suite 960 ~ Alpharetta, Georgia 30008 <br />www,charter.com <br />