Charter reorganization likely to be effective today

NEW YORK Nov 30 (Reuters) - Charter Communications Inc's CHTRQ.PK plan of reorganization is likely to become effective today, according to a source familiar with the situation.

The fourth-largest U.S. cable operator, which filed for bankruptcy in March, is shedding about $8 billion of debt under the plan. It is also getting $1.6 billion in new capital from private equity bondholders who will be able to appoint four board members of the new company.

Charter is controlled by Microsoft Corp (MSFT.O) co-founder Paul Allen. Allan will also be able to appoint four board members. (Reporting by Chelsea Emery; Editing by Derek Caney) ((chelsea.emery@thomsonreuters.com; +1 646 223 6115; Reuters Messaging: chelsea.emery.reuters.com@reuters.net))