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Bankrupt Cable TV Firm Adelphia to Seek Possible Sale of Company

Authored by Mark Hefflinger on April 22, 2004 - 3:42am.
New York -- Bankrupt cable TV operator Adelphia Communications announced on Thursday that it will explore a sale of the company in addition to a planned bankruptcy reorganization, after many shareholders voiced their opinion that creditors would gain more money through an outright sale of the company. Adelphia filed for bankruptcy in 2002 after an accounting scandal that resulted in the departure of founder and CEO John Rigas, who is now on trial on federal fraud charges. In addition to the sale and bankruptcy auction plans, Colorado-based Adelphia will also pursue approval of an $8.8 billion exit financing package, which supports a proposed plan for emergence as an independent company.
http://biz.yahoo.com/prnews/040422/lath060_1.html
http://biz.yahoo.com/rb/040422/media_adelphia_8.html 
http://www.adelphia.com
tags: Cable TV | Adelphia | Deal | Bankrupt |

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