This Just In
By Staff -- Multichannel News, 8/25/2002 8:00:00 PM
Adelphia Gets OK for $1.5B DIP
New York — The U.S. Bankruptcy Court for the Southern District of New York has approved a $1.5 billion debtor-in-possession financing for Adelphia Communications Corp.
The move releases about $1 billion of the DIP financing. On June 28, the court approved an initial advance on the facility of up to $500 million.
A consortium of lenders led by JP Morgan Chase and Citigroup USA Inc. provided the financing. Adelphia filed for Chapter 11 bankruptcy protection on June 25.
The DIP financing will allow Adelphia to continue to provide service as it reorganizes. It also will fund the maintenance and upgrade of its cable systems.
Miami Approves AT&T-Comcast Transfer
Miami — The City Council in this Florida city voted Aug. 22 to approve the transfer of its AT&T Broadband franchise to Comcast Corp., but added strict terms for customer-service reporting and payments for outstanding violations.
According to the city's special counsel, Matt Leibowitz, AT&T Broadband agreed to pay $550,000 for missing the construction deadline for an upgrade of 90 percent of the city. The operator will now have until 2006 to complete the remaining 10 percent of work. The city said the cable operator will pay $390,000 in return for the extended schedule.
The parties will work together to halt customer complaints. The company will pay a $72,000 penalty to resolve existing customer-care lapses, and AT&T will designate one technical liaison and one management liaison to the city to handle the most difficult complaints.
Liberty Completes $100M Wink Buy
Tulsa, Okla. — Liberty Media Corp.'s broadband interactive-TV unit completed its first acquisition Friday, taking over Wink Communications Inc. for about $100 million.
Shareholders received $3 per share of common stock they owned in Wink, which programs enhanced TV information, advertising and T-commerce blurbs on various broadcast and cable networks.
Peter Boylan, president and CEO of Liberty Broadband Interactive TV Inc., will become chairman of Wink, with Maggie Wilderotter remaining its president and CEO.
Two previously announced Liberty Broadband deals have yet to close — the acquisition of ACTV Inc. and a play to become the lead stakeholder in OpenTV Inc. Both are anticipated to wrap up this fall.
No related content found.
VIEW ALL GALLERIES
