NEW YORK: US cable television company Adelphia Communications has gained approval from Judge Robert E Gerber of the New York Federal Bankruptcy Court for its plan to pay creditors and end one of the nation's biggest ever bankruptcy cases.
Adelphia, once the fifth largest US cable operator, filed for protection from creditors in June 2002, a month before veteran founder and ex-chairman John Rigas was arrested for looting the company. He and his son, Timothy, were convicted of fraud two years later [WARC News: 09-Jul-04].
Last summer, the company sold substantially all its cable operations to Comcast and Time Warner for $17.6 billion (€13.4bn; £9.05bn) in cash and shares in TW's cable unit. Of that amount, $15 billion in cash and TW shares will be distributed to creditors.
Data sourced from New York Times; additional content by WARC staff