Adelphia Communications Corp. said late Thursday night that it faces a
possible delisting from the NASDAQ stock exchange.
In a press release, Adelphia said it had received a letter from NASDAQ April
17 regarding the delisting due to its failure to file its 10-K annual report
with the Securities and Exchange Commission.
Adelphia has requested a hearing before the NASDAQ listing-qualification
panel to review the staff determination. As a result, the delisting has been
postponed pending the panel's determination.
Adelphia stock got hammered as a result, dropping 78 cents per share, or 11
percent, to $6.28 each in trading Friday. The stock had been as low as
$5.85 earlier in the day.
The delisting notice is just the latest in a string of bad news for Adelphia
that began with the March 27 revelation that the MSO could be liable for up to
$2.3 billion in debt in a partnership controlled by Adelphia's ruling Rigas
The company has hired four investment bankers to look into its strategic
alternatives, including asset sales, to help pay down the debt.
And earlier this week, Adelphia said it is the subject of a formal SEC
In addition, about 18 separate shareholder lawsuits have been filed against
Adelphia stock is down about 69 percent from its March 26 close of $20.39 per