Adelphia Puts 2.75M Subs on Block
By Steve Donohue -- Multichannel News, 5/8/2002 6:06:00 PM
Adelphia Communications Corp. officially put the for-sale sign on systems serving 2.75 million subscribers, or one-half of its entire subscriber base.
The MSO said late Wednesday that its board authorized Salomon Smith Barney, Credit Suisse First Boston and Banc of America LLC to solicit offers for its systems in Southern California (1.2 million subscribers), Florida (750,000), Virginia (575,000) and the Southeast (225,000 subs).
'We are ready to solicit formal bids. Based on the many informal expressions of interest we have received in recent weeks ... I am confident that the steps we are taking will enable us to achieve our objectives of reducing debt, deleveraging our balance sheet and creating a stronger Adelphia,' chairman John Rigas said in a prepared statement.
Adelphia stock has plummeted since the MSO revealed more than $2.3 billion in off-balance-sheet debt in March.
It faces a possible NASDAQ delisting for failing to file a 10-K with the Securities and Exchange Commission, as well as many shareholder lawsuits.
Adelphia said there can be no assurance that a solicitation of offers would lead to actual sales.
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