Adelphia Communications -- the US cable company allegedly looted by its controlling family shareholders -- has secured $8.8 billion (€7.1bn; £4.7bn) of funding as it seeks to emerge from bankruptcy protection.
America's fifth largest cable firm this week put forward a restructuring plan to a New York bankruptcy court. It hopes to shrug off Chapter 11 protection by the end of the year, and has won financing from Credit Suisse First Boston, Citigroup, Deutsche Bank and J P Morgan Chase.
"We believe the exit financing arranged for and committed to will allow us to do everything we need to do to provide state-of-the-art service," commented Adelphia's ceo Bill Schleyer. "We will have our network largely built out and rebuilt by the time we emerge. It gives us what we need to be a stand alone company, independent and growing very rapidly."
The scheme -- which requires court approval -- does not include payments to the Rigas family, Adelphia's controlling clan. Several Rigases are currently on trial for an alleged multibillion-dollar fraud that forced the company into bankruptcy protection [WAMN: 24-Feb-03].
Data sourced from: USA Today; additional content by WARC staff