The countdown to bankruptcy continues for flailing US cable network Adelphia Communications. The latest ticks of the clock mark two missed bond interest payments – one for $51.3 million (€54.14m; £34.60m) due Monday; the other, by subsidiary unit Arahova Communications, for $4.2 million.
The defaults allow the bondholders to force the company into bankruptcy if they so choose – but Adelphia will not wait to be pushed and will itself apply for Chapter 11 bankruptcy protection, “before the end of this week,” anticipates UBS Warburg’s Aryeh Bourkoff.
Adelphia officials refused to comment.
Data sourced from: New York Times; additional content by WARC staff