Galaxy Subs May Be on the Block

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More than one year after emerging from bankruptcy, Galaxy Cablevision said it is investigating the sale of its 80,000 subscribers in 14 states and has retained New York cable investment banker Waller Capital Corp. to advise it in the process.

Galaxy filed for Chapter 11 in 2001, emerging in early 2002 under new ownership. According to a Securities and Exchange Commission document filed in March 2002, more than 50% of Galaxy's equity is owned by Cerberus International Ltd. and Cerberus Partners, both New York-based investment firms that specialize in distressed companies.

According to a press release issued Wednesday night, it appears as if those new owners wish to cash out.

"Our investors hung tough through the restructuring and supported Galaxy’s rebuilding, and that has produced a terrific asset," Galaxy CEO Ron Dorchester said in a prepared statement. "At the right value, it’s simply time for them to exit."

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