With its stock sagging after debt disclosures last week and after delaying
the filing of its annual report, Adelphia Communications Corp. confirmed
Wednesday that the Securities and Exchange Commission 'is conducting an informal
inquiry into its previously disclosed co-borrowing agreements and has asked the
company to provide clarification and related documentation.'
Adelphia said in a prepared statement that it was 'cooperating fully with
this inquiry and is providing the requested information as expeditiously as
On March 26 -- the day before Adelphia revealed that it
had $2.3 billion in co-borrowing arrangements with the company's controlling
shareholders, the Rigas family -- the MSO's stock closed at $20.39 apiece.
The company's stock closed at $11.04 per share Wednesday.