Monday came and went without the filing for bankruptcy by Adelphia Communications predicted by most media observers [but not WAMN as readers will have noted from the absence of such stories over the past week].
Instead of filing for Chapter 11 bankruptcy protection, the sickly cable giant is still negotiating for its life with a brigade of bankers and bondholders. The group seeks $1.5 billion (€1.54bn; £1.0bn) in loans to keep it afloat while it restructures – almost certainly within Chapter 11 – but progress has been severely hampered by the absence of trust between the parties.
“Nobody trusts anything or anybody,” complained one aggrieved bondholder who insisted on anonymity. “Everybody thinks there is more bad news to come.”
Data sourced from: New York Times; additional content by WARC staff