The Bank of New York Co. Inc. leads the list of Adelphia Communications
Corp.'s top 50 unsecured creditors, as trustee for $7.1 billion in unsecured
notes, according to the Coudersport, Pa.-based MSO's Chapter 11 bankruptcy filing
in Manhattan late Tuesday.
In the filing, Adelphia listed assets of $24.4 billion and liabilities of
Equipment vendors also ranked high among Adelphia's top 50 unsecured
creditors, led by Scientific-Atlanta Inc. (owed $83.3 million) and Motorola Inc.
(owed $49 million).
Rounding out that list are C-COR.net Corp. ($35.4 million), CommScope Inc.
($22.4 million), Arris ($16.7 million) and Fujitsu Ltd. ($7.1 million).
Programmers, which have long complained about Adelphia's tendency to pay for
their services late, were owed a combined $169.8 million.
Leading the pack was Home Box Office (owed $34.4 million), followed by Turner
Network Television ($13.9 million), Showtime Networks Inc. ($11.9 million), MTV
Networks ($11.6 million), AT&T Broadband's Satellite Services Inc. ($11.1
million), Cable News Network ($7.5 million), Disney Channel ($7.3 million), CNBC
($7.1 million) and ESPN ($6.9 million).
Unsecured creditors are usually near the end of the line when it comes to
getting paid in a bankruptcy. In total, the top 50 unsecured creditors are owed
$9.8 billion, according to the filing.
In a press release Tuesday night, Adelphia chairman and interim CEO Erland
Kailbourne said the bankruptcy filing was made to 'stabilize Adelphia's
financial foundation and to continue quality service to our customers ...
Entering into these proceedings will enable us to fully evaluate our enterprise
without the immediate pressure to sell valuable assets that may well benefit the
company in the future.'