Adelphia Subsidiary Files for Bankruptcy

12 June 2002

Century Communications, a wholly-owned subsidiary of Adelphia Communications, yesterday (Tuesday) filed for Chapter 11 bankruptcy protection.

Some say this could be the final nail in the cable TV company's coffin, coming just one day after the resignations of two new directors Leonard Tow and Scott Schneider, board members of only two weeks standing.

The duo quit Monday saying they had lost all hope that the company could be resuscitated.

Adelphia, the subject of SEC and two federal criminal investigations, is flailing in a last-ditch bid to raise around $2 billion (€2.11bn; £1.4bn) to reduce its debt burden.

Data sourced from: The Times (London); additional content by WARC staff