Charter Communications said it had reached an agreement in principle with a debt holders committee on terms of a financial restructuring, to be done under Chapter 11 bankruptcy protection, to reduce Charter's debt by about $8 billion.

The cable operator, controlled by Microsoft's co-founder, Paul Allen, said in a statement it would file for Chapter 11 on or before April 1. Various debt holders and bondholders will receive a mix of new notes, equity and cash, depending on their seniority. Shareholders will not receive anything for their common stock, which will be cancelled. Allen will continue as an investor and retain the largest voting interest in Charter.

The company has more than 5.5 million subscribers.

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