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Bankrupt Cable TV Firm Adelphia Expects Sale After Labor Day

Authored by Mark Hefflinger on August 6, 2004 - 3:25am.
New York -- Bankrupt cable TV operator Adelphia Communications announced on Friday that financial advisors appointed to manage the company's sale process have been in discussions with potential bidders and expect to start the sale process shortly after Labor Day. Adelphia, the nation's fifth-largest cable company, filed for Ch. 11 earlier this year after an accounting scandal involving the company's founding Rigas family led to eventual convictions on fraud and conspiracy charges. Fellow cable operators Time Warner, Comcast and Cox are reported to be the likeliest bidders for Adelphia, which claims 5 million subscribers in markets including Los Angeles.
tags: Cable TV | Adelphia | Bankrupt | Labor Day |