Bank on This: Adelphia Sale Process ‘A Mess’6/10/2004 8:41 AM Eastern
Adelphia Communications Corp. still has not hired bankers to proceed with its proposed sale, Reuters reported.
The MSO filed for Chapter 11 bankruptcy protection in February and put itself on the block in April.
Speaking at an investor conference in New York, Cox Communications Inc. CEO James Robbins described the sales process as "disgusting," according to Reuters.
"I will tell you the process is just a mess, it's horrible," Robbins said, adding that Cox may bid for parts of Adelphia, but it is not interested in the beleaguered MSO as a whole.
Adelphia told Reuters it was "being slowed somewhat by the constraints and complexities of bankruptcy law and the bankruptcy process."
The MSO had said in early May that it had narrowed the bank-selection process to four candidates, but a winner has yet to emerge.