Charter's reorganization faces more objections

Charter Communications may have gotten the green light from a New York court last week to move forward out of Chapter 11 bankruptcy (sometime in December), but now that exit could be blocked. Last Friday, a number of lenders and stockholders led by JP Morgan Chase want the judge overseeing the case to 'stay the order' so they can either appeal his ruling and be able to have their arguments heard about bankruptcy.

It looks like JP Morgan Chase has gained some success with its actions. Yesterday, Judge James Peck granted the stay motion and asked that any response to be filed by 8 a.m. ET. Peck then had a hearing on the Charter debacle at 10 a.m. ET. At this point, the court has not made any details of the hearing public. JP Morgan, which previously filed objections to Charter's Chapter 11 reorganization plans, was concerned that if such a hearing was not held, their stay motion would have not stuck because Charter's reorganization plan was supposed to go into effect this Friday, Nov. 27, which is a court holiday.

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