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Adelphia Misses Payments, Nears Bankruptcy

By Mike Farrell -- Multichannel News, 6/18/2002 2:00:00 PM

Adelphia Communications Corp. confirmed late Monday night that it missed interest payments on its senior bonds totaling more than $55 million that were due Monday.

According to a press release, Adelphia said it missed a $51.2 million interest payment on its 10.25 percent senior notes due Nov. 15, 2009, and its subsidiary, Arahova Communications Inc., missed a $4.2 million interest payment on its 8.38 percent senior notes due Dec. 15, 2007.

Adelphia also said in the statement that its previous auditor -- Deloitte & Touche LLP, which was dismissed June 9 -- was withdrawing its certification of the MSO's financial statements dating back to March 1, 2001.

The missed interest payments heightened speculation that Adelphia could file for bankruptcy protection by the end of the week.

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