Cequel Buys 81K Subs from Alliance
By Mike Farrell -- Multichannel News, 8/1/2003 10:40:00 AM
Cequel III, the St. Louis-based telecommunications-management and investment firm headed by former Charter Communications Inc. CEO Jerry Kent, and Classic Holdco LLC announced an agreement to acquire and assume management of 81,000 subscribers in nine states from Alliance Communications Partners for $81 million.
The Alliance systems -- located in Arkansas, Illinois, Indiana, Missouri, Maryland, Ohio, Pennsylvania, Tennessee and West Virginia -- are owned by a consortium of banks and private-equity firms and managed by R&A Management, formerly Rifkin Associates Inc.
According to a press release, the deal is expected to close by fourth quarter and is supported by a majority of Alliance’s existing lenders and interest holders.
The deal will also be a key component of Alliance’s court-assisted restructuring and liquidation plan, expected to be filed with the U.S. Bankruptcy Court in Delaware Sept. 8.
Denver-based cable investment banker Daniels & Associates represented Alliance in the transaction.
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