As expected, the U.S. Bankruptcy Court for the Southern District of New York has approved the hiring of two financial advisers for Adelphia Communications Corp., paving the way for the planned sale of the Denver-based MSO’s cable assets.
The court approved the hiring of UBS Investment Bank and Allen & Co. as Adelphia’s advisers Tuesday. The MSO had originally announced the hirings in August.
“We are pleased that the court has approved UBS and Allen as our financial advisors for the sale process as we continue our efforts to maximize value for all Adelphia stakeholders,” chairman and CEO Bill Schleyer said in a prepared statement.
“We have been working diligently with UBS and Allen since early July to assemble appropriate documents and information to accelerate the sales process,” he added. “Based on preliminary widespread interest, we expect a robust sales process."
As previously announced, Adelphia will accept bids for the whole company, as well as for designated clusters, through a formal process to be launched later this month.
As part of that formal process, an information memorandum will be distributed to parties that have signed confidentiality agreements with Adelphia. It is expected that final bids will be received by year-end.