Share this article

print logo

ADELPHIA POSTPONES DECISION ON SELLING ITSELF
FIRM LOST $4.5 BILLION DURING PAST 21/2 YEARS

Adelphia Communications will take more time to decide whether to sell off its cable television systems or emerge from bankruptcy as an independent company, a representative said Thursday.

The company had originally set March 31 as its goal for the decision. As that date passed, Adelphia was unwilling to indicate how much longer the choice may take.

"It's a very complex process . . . we're making good progress on it," spokeswoman Erica Stull said Thursday.

"The goal is and always has been to maximize value for creditors."

Final bids for Adelphia's seven "clusters" of cable systems were supposed to be in by Jan. 31. However, reports in recent days have indicated a late entry by Cablevision Systems Corp. into the bidding, joining a pair of Wall Street buyout firms.

A reported joint bid by Comcast and Time Warner has been considered the front-runner to buy the company. Adelphia won't comment on the bidding.

Once headquartered in Coudersport, Pa., the Denver-area cable company has been in bankruptcy reorganization since mid-2002. Company founder John Rigas and his son Timothy face sentencing on fraud and conspiracy charges April 18, having been convicted last July. Another son, Michael Rigas, is set for a second trial in October on securities fraud charges.

Now headed by chief executive William T. Schleyer, Adelphia has lost $4.5 billion during its 2 1/2 -year bankruptcy reorganization, according to its monthly operating report filed in U.S. Bankruptcy Court in New York.

e-mail: fwilliams@buffnews.com

There are no comments - be the first to comment