New York— Time Warner Inc.’s CEO said its expected cable-unit spinoff will have to wait until at least Feb. 6, while an initial public offering of the unit is being readied just in case.
Time Warner had hoped to take the cable unit public through its joint purchase of Adelphia Communications with Comcast in July. But first Adelphia has to emerge from bankruptcy, a process that has been delayed repeatedly by a group of disgruntled creditors. The latest glitch: a stay granted by a federal judge in the approval of Adelphia’s reorganization plan, which Time Warner chairman and CEO Richard Parsons said could delay the process at least until Feb. 6. In the meantime, Time Warner is forging ahead with IPO plans.
“We are committed to proceeding on both paths to have Time Warner Cable become a public company as expeditiously as possible,” Parsons said during Time Warner’s quarterly conference call last week.