Media Observer

Bankruptcy judge OKs sale of assets (Seattle Times, 28 Jun 2006, Page E2)

Bankruptcy judge OKs sale of assets

Seattle Times
28 Jun 2006


A bankruptcy judge on Tuesday granted Adelphia Communications permission to sell its assets to Time Warner and Comcast in an estimated $17 billion deal.



Judge Robert Gerber of the Southern District of New York said he would approve an order to be submitted later Tuesday to detach the asset sale from the rest of Adelphia’s bankruptcy process, allowing it to be executed without the approval of an overall restructuring plan. Adelphia sought the separation to bypass creditor disputes that have slowed the company in its filing of its plan.

The sale agreement with Time Warner and Comcast had been put in jeopardy because of a July 31 deadline at which the buyers could retract their offer. The offer includes a $12.7 billion cash component and the rest as shares in Time Warner. Once complete, the acquisitions would secure Time Warner’s and Comcast’s status as the two biggest cable operators in... read more...

posted by Bank Report @ 5:55 AM