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Charter Communications

At the time of Crestview's exit, Charter was the fourth-largest cable operator in the United States. It offers traditional cable video programming, high-speed Internet, broadband cable, telephone and other services to residential and consumer customers.

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Crestview's cable experience gave the team a unique understanding of the business and made them a real value-add partner.

Tom Rutledge, President & CEO

Highlights

Seeing through negative market perception

Despite a dislocation in cable valuations brought on by the financial crisis and concerns over threats from competing technologies, Crestview was attracted to Charter’s under-managed and underappreciated assets. This was supported by extensive operating and investment experience in cable and unique knowledge of Charter given that 20% of its systems had once been part of Marcus Cable, which was founded by Crestview partner Jeff Marcus.

Navigating a complex restructuring

Crestview's funds initially invested in notes at a discount to face value. As restructuring discussions began, Crestview played a key role in negotiating Charter’s 2009 restructuring plan, which ultimately preserved value, bank debt and tax attributes. Crestview was also one of three bondholders to backstop its $1.6 billion rights offering in 2009.

Leadership
matters in operations

Following the restructuring, Crestview helped recruit Tom Rutledge, an industry-leading operator, as the new president and CEO. Widely regarded as a top CEO in cable, he transitioned the company to an all-digital network, enhanced the video product and simplified pricing plans to boost triple-play penetration.

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