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Adelphia's exit from bankruptcy delayed again

Former cable TV company Adelphia Communications missed another deadline for its exit from bankruptcy on Friday, extending the 4 1/2 -year reorganization into 2007.

The new date set to complete an agreement among creditors is Jan. 12, the company said.

U.S. Bankruptcy Judge Robert J. Gerber announced the delay, voiding the Friday deadline set in the company's proposed plan of reorganization. The delay forces creditors to recalculate financial estimates pegged to the anticipated date.

Adelphia sold its cable systems with 5 million homes in July to Time Warner and Comcast. It is in the final stages of dividing about $15 billion among banks, bondholders and suppliers.

The company filed Chapter 11 bankruptcy reorganization in 2002 and moved its Coudersport, Pa. headquarters to suburban Denver the following year.

Time Warner Cable had planned to list shares on the New York Stock Exchange after Gerber approved Adelphia's plan, enabling creditors to sell their stock. The cable unit is now 84 percent owned by Time Warner and 16 percent owned by Adelphia creditors.

Had Gerber met the Dec. 22 deadline for plan approval, Time Warner Cable shares were expected to begin trading publicly as early as Jan. 5, according to a Bear Stearns research note.

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