Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) Dismiss Bankruptcy Appeal of Charter Communications

An appeal by Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) concerning the bankruptcy confirmation concerning Charter Communications has been agreed to be dismissed in New York.

The agreement to dismiss the pending appeal came when the needed votes to amend existing senior secured credit facilities worth $8.2 billion were garnered.

What the amendment does is empower Charter to create a new revolving facility, extend some of the the maturities of the facilities, among other terms and conditions related to them..

How that will change existing terms will they will be extended from maturies due in the middle of 2013 out to September 2016, giving them two and a half more years. Charter estimated that will entail about $3 billion in existing term loan maturities.

For the newly created credit facility, that will be extended for two years from the current credit facility in place, which now will mature in 2015. That covers a minimum of $1.2 billion for Charter.

Once this new conditions and terms were put in place, as mentioned JPMorgan and Bank of America dropped the pending amendment appeals to the bankruptcy confirmation. Charter emerged from bankruptcy in November 2009.