Court approves Adelphia’s debtor financing
The U.S. Bankruptcy Court for New York’s Southern District has approved Adelphia Communications’ $1.5 billion debtor-in-possession [DIP] credit facility led by J.P. Morgan Chase Bank and CitiGroup USA.
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The financing enables Adelphia, which declared Chapter 11 bankruptcy June 25, to continue to operate and makes available funds for the company’s continued maintenance and upgrading of its cable plant.
Adelphia, which serves more than 3500 communities in 32 states and Puerto Rico, had previously received approval for $500 million in financing.
– Jim Barthold, senior editor
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© 2012 Penton Media Inc.
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