Charter changes deal with Allen, extends bankruptcy

* Charter has until Nov. 2 to exit bankruptcy

* Deadline of Dec. 15 if Charter hasn't gotten permits

* Judge yet to rule on reorganization plan

By Phil Wahba

NEW YORK, Oct 14 (Reuters) - Bankrupt U.S. cable operator Charter Communications Inc CHTRQ.PK changed its debt restructuring deal with its chairman, Paul Allen, extending its bankruptcy until as late as Dec. 15.

The agreement, which was amended for a third time, to restructure debt held by Allen, a co-founder of Microsoft Corp, and other noteholders, was filed in federal bankruptcy court in Manhattan on Tuesday.

The amended agreement gives Charter until Nov. 2 to exit bankruptcy, or until Dec. 15 if Charter has not obtained the necessary permits and regulatory approval in connection with its reorganization plan by that date.

It must get the required permits that cover areas serving at least 80 percent of its basic subscribers, Charter's lawyers said in the filing.

Charter filed for bankruptcy protection in March, buckling under the weight of $21.7 billion in debt, but said at the time it had reached agreements with key stakeholders that would allow it to exit bankruptcy in a matter of months.

The original agreement, reached in February with Allen and some of Charter's noteholders, called for Charter to reinstate $11.8 billion in debt at the same terms after the bankruptcy.

But lender JPMorgan (JPM.N), on behalf of itself and other holders of $8.5 billion of the company's senior debt, led an opposition to the plan, claiming that Charter had violated its loan agreements.

U.S. Bankruptcy Judge James Peck has not ruled whether he will confirm Charter's reorganization plan since hearing closing arguments on Oct. 1 that ended a nearly three-week trial.

The case is In re Charter Communications Inc, U.S. Bankruptcy Court for the Southern District of New York, No. 09-1143.

(Reporting by Phil Wahba; Editing by Richard Chang)