Adelphia Outlines Sale Process8/06/2004 4:31 AM Eastern
Adelphia Communications Corp. Friday announced the preliminary timetable for its sale process.
The process will be managed by UBS Investment Bank and Allen & Co., under the direction and control of Adelphia’s board of directors.
The MSO said its advisors have held informal discussions with potential bidders, and it expects the sales process to begin shortly after Labor Day with the objective of concluding the auction by year-end.
UBS and Allen will provide information memoranda to potential bidders that execute proper confidentiality agreements. Adelphia said it will solicit bids both for the entire company and for select clusters to be announced at a future date.
The company added that it expects preliminary indications of interest to be due in October.
“In an effort to build the greatest possible value for the Adelphia Chapter 11 bankruptcy estate, we announced April 22 that Adelphia would consider a sale of the company," chairman and CEO Bill Schleyer said in a prepared statement.
“Since then, we have been working diligently to assemble the appropriate advisors, information and documents needed for a robust and fair sales process to maximize the value of Adelphia to the company's stakeholders,” he added.