America’s number three cable operator Charter Communications faces a formal accounting probe by the Securities & Exchange Commission.
In November, the firm revealed the SEC was informally investigating the way it accounts for subscribers in its books [WAMN: 22-Nov-02]. According to a new filing, that probe was upgraded to formal status in January. This adds to an ongoing federal criminal inquiry into the group’s accounts.
The filing also revealed that Charter has received a loan of $300 million (€277m; £191m) from its chairman, Microsoft co-founder and billionaire Paul Allen. The cash will be used to meet debt obligations.
Data sourced from: Washington Post Online; additional content by WARC staff