HomeMy WebLinkAboutResolution No. 275-09 4 a7sV?
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RESOLUTION APPROVING THE PROPOSED REORGANIZATION OF
CHARTER COMMUNICATIONS, INC.
WHEREAS, the City of Rochester, Minnesota ("City") has granted a Cable Television
Franchise ("Franchise") that is currently held by CC VIII Operating, LLC ("Franchisee"), an
indirect, wholly-owned subsidiary of Charter Communications, Inc. ("Charter"); and,
WHEREAS, Franchisee owns, operates and maintains a cable television system
("System") in the City; and,
WHEREAS, on March 27, 2009, Charter and certain of its subsidiaries filed voluntary
petitions in the United States Bankruptcy Court for the Southern District of New York
("Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United
States Code to order to effectuate a financial restructuring - Case No. 09-11435; and
WHEREAS, pursuant to the terms of agreements entered into between Charter and its
key bondholders, Charter's current Class A Common Stock and Class B Common Stock will
be cancelled and replaced with new voting stock owned by Paul G. Allen and such
•bondholders, as described in filings with the Bankruptcy Court (the "Reorganization"); and
WHEREAS, under both the Franchise and Minnesota Statutes Section 238.083, the
City has concluded that its written approval is necessary for the above described
Reorganization; and
WHEREAS, Franchisee has submitted to the City FCC Form 394 - Application for
Franchise Authority Consent to Assignment or Transfer of Control of Cable Television
Franchise ("Form 394") which provides substantial information regarding the reorganization
and qualifications of Charter and Franchisee following completion of the Reorganization; and
WHEREAS, based on information received by the City from Franchisee, Form 394, and
filings and documentation received by the City related to the proceedings before the
Bankruptcy Court, the City has elected to consent to the Reorganization; and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester that the City of Rochester
1. The Franchise is in full force and effect and Franchisee is the lawful holder of the
Franchise.
2. Each of the foregoing recitals are hereby incorporated by reference.
• 3. The City hereby consents and approves of the Reorganization.
4. Since the Franchisee remains unchanged as a result of the Reorganization,
nothing in this Resolution shall be interpreted to modify or alter Franchisee's past
performance under the Franchise and Franchisee shall remain fully liable for any
and all franchise obligations unless specifically modified or altered by the
Bankruptcy Court.
5. By this consent the City does not waive any of Franchisee's commitments, duties
and obligations under the Franchise, including any accrued and unfulfilled
obligation of the Franchisee, whether known or unknown, relating to the
Franchise.
6. In the event the Reorganization is not completed, for any reason, or is modified
in any material manner, the City's consent provided hereunder shall not be
effective.
BE IT FURTHER RESOLVED that this Resolution shall take effect and continue and
remain in effect from and after the date of its passage, approval, and adoption.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS &7H DAY OF C 2009.
• i Z(-" 3
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS DAY OF C-,4�q 12009.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
ResH\ResCharterReorg