Cable One警告或申请破产保护：13亿美元融资悬而未决

Cable Technology Finance Broadband 5G News Cable One warns of Chapter 11 possibility if financing falters With its Mega Broadband deal still in limbo, Cable One disclosed it might be necessary to file for bankruptcy if it's unable to clinch a new financing deal and manage near-term debt. Jeff Baumgartner , Senior Editor , Light Reading November 6, 2026 4 Min Read (Source: Timon Schneider) Cable One warned that a Chapter 11 filing is a possibility if the company fails to secure a pending financing deal and if it's unable to manage some near-term debt. That revelation, made Thursday in a 10-Q filing , in concert with the release of Q3 2026 results, comes soon after Cable One established a special committee to "evaluate strategic alternatives," and as the company remains in a holding pattern on its proposed acquisition of the 55% of Mega Broadband Inc. (MBI) it does not already own. That transaction has been in limbo ever since CoBank, one of Cable One's lenders, was able to convince a court to delay the deal , arguing in part that it believes Cable One is on the brink of bankruptcy and that Cable One might fail to repay its debts if the MBI transaction is allowed to proceed. Cable One has asked the court to dissolve the temporary restraining order (TRO) slapped on the deal. It's not clear when it might get resolved. Related: Cable One sets up committee to 'evaluate strategic alternatives' Meanwhile, Cable One argued that further delays bring risk to a proposed loan of $1.3 billion that Cable One intends to use to repay debt tied to the MBI deal and to provide the runway it needs to "execute on its business priorities." Cable One made note of the risk it's facing in Thursday's filing. "If we are unable to consummate a financing transaction and address near-term debt maturities on acceptable terms or at all, or if a default occurs under our debt instruments that we are unable to timely cure, it may become necessary for us to seek relief under Chapter 11 of the US Bankruptcy Code," the company explained. "With respect to MBI, we continue to evaluate the appropriate next steps and do not have any additional updates to announce today," Cable One CFO Todd Koetje said on yesterday's earnings call. As for those potential strategic alternatives, MoffettNathanson analyst Craig Moffett surmised in a research note (registration required) that a sale – once considered the "most desirable alternative" for Cable One – has become increasingly unlikely. "[T]he most likely strategic acquirer – Charter – has been engaged with its much larger merger with Cox, taking it out of the running. But we continue to believe that even private equity investors that are currently underwriting costly fiber builds in low density markets would be well advised to acquire Cable One's assets at a fraction of the cost to build," Moffett noted. But the near-term priority is restructuring Cable One's balance sheet. "Assuming the MBI transaction is terminated, the company will face roughly $1B of MBI maturities by this time next year, and another roughly $2B of maturities in the early part of 2028," Moffett explained. Related: Cable One-Mega Broadband deal stays in limbo, but for how long? Broadband losses improve, but at the cost of ARPU The good news is that Cable One did see some improvements in Q3 as recent pricing decreases and other related initiatives led to fewer than expected broadband subscriber losses. Cable One still lost 7,300 broadband subs in the period, but it was improved from a year-ago loss of 21,300 and the -14,400 expected by analysts. "We delivered our strongest quarterly connect performance in 12 quarters and our best net adds in seven quarters," Cable One CEO James Holanda said on the call. Holanda, an industry vet who took the helm earlier this year, said retention is a "priority" as it makes progress with offers of free speed upgrades and the use of new AI tools for employees focused on keeping those customers with Cable One. While a reduction in broadband pricing improved subscriber trends, Cable One's broadband average revenue per unit (ARPU) dropped 2.6% sequentially and 4.5% year-over-year to $78.48. Still, Cable One's broadband ARPU trails its US cable operator peers. Cable One also lost 6,200 video subs, improved on a year-ago loss of 7,400. The rate of decline dropped to 24.8% versus 24.1% in the prior quarter, Moffett noted. Related: Cable One urges judge to unblock Mega Broadband deal Cable One launched mobile services in December 2025 (and recently started selling mobile lines to small business customers ), but it did not report how many lines it had sold through the end of Q3. The operator pulled in Q3 revenues of $332.2 million, down 11.7% year-over-year. Cable One shares were down $1.02 (-19.58%) to $4.14 each in Friday morning trading. About the Author Jeff Baumgartner Senior Editor, Light Reading Jeff Baumgartner is a Senior Editor for Light Reading and is responsible for the day-to-day news coverage and analysis of the cable and video sectors. Follow him on X, LinkedIn and Bluesky . Baumgartner also served as Site Editor for Light Reading Cable from 2007-2013. In between his two stints at Light Reading, he led tech coverage for Multichannel News and was a regular contributor to Broadcasting + Cable. Baumgartner was named to the 2018 class of the Cable TV Pioneers. 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