Charter posts wider quarterly loss on writedowns

NEW YORK (Reuters) - U.S. cable operator Charter Communications Inc (CHTR.O), which is seeking bankruptcy restructuring, posted a wider fourth quarter loss on Monday due to a writedown in the value of its assets.

The company, controlled by Microsoft co-founder Paul Allen, posted a net loss of $1.495 billion, or $3.96 a share compared with a net loss of $468 million, or $1.27 a share.

Charter recorded a $1.52 billion impairment charge for its cable franchises for the year.

Revenue rose 6.6 percent to $1.656 billion as it added more Internet and phone users.

The fourth largest U.S. cable operator lost 75,100 basic video subscribers but added 22,300 digital video subscribers.

It added 22,900 high speed Internet subscribers and 75,200 phone users.

The debt-laden Charter said last month it reached an agreement with its senior debt holders on a financial restructuring which would wipe out common shareholders but reduce its $21.7 billion debt by around $8 billion.

The company said it intends to file for Chapter 11 proceeding on or before April 1.

The company said one of its subsidiaries CCH II will not make its scheduled interest payment on Monday as it expects to make its voluntary Chapter 11 filing prior to the expiration of a 30-day grace period.

(Reporting by Yinka Adegoke; Editing by Derek Caney)