Apollo could take stake in Charter

Apollo Management, the buyout firm run by Leon Black, is in talks to take a stake in Charter Communications Inc. as part of the cable company’s bankruptcy reorganization, a person familiar with the matter said Friday.

Apollo would convert its bonds into equity as part of Charter’s debt restructuring, said the person, who asked not to be identified because the discussions are private.

Billionaire Paul Allen, Charter’s chairman and co-founder of Microsoft Corp., would retain voting control.

Charter said this month that it planned to file for Chapter 11 bankruptcy protection on or before April 1. In December, Charter started talks with bondholders on financial alternatives, including a restructuring. The creditors in February agreed to reduce the St. Louis company’s obligations by $8 billion.

Charter spokesman Taylor Ingraham declined to comment, as did Jonathan Gasthalter, a spokesman for New York-based Apollo.