Adelphia Pushes Back the Due Date for Offers

Nov 9, 2004  •  Post A Comment

Adelphia Communications, the bankrupt cable operator that is up for sale, on Tuesday said it expected final offers for the company’s assets to be submitted in January 2005, a delay of a month.

The company provided the revised date in a statement issued in response to an announcement by a group of unsecured creditors that they had reached a pact which would give them stock in Adelphia should it emerge from bankruptcy as a stand-alone company.

“Our sale process for the company is robust,” the company said. “Due to the high number of interested parties, and the time required for those parties to conduct due diligence, final offers are expected in January 2005.”

Previously, Adelphia has said that it expected to have offers in hand by the end of the year.

The company’s comment came as the committee of creditors pegged the value of Adelphia at around $17 billion-the same figure Adelphia itself reached earlier this year.

Once Adelphia officials reached that value, several creditors pushed the company to explore a sale, betting the company might be worth more in an auction process. However, now that two separate groups have pegged Adelphia’s value at $17 billion, it is likely a buyer wouldn’t pay much more than that.

As many as 20 potential suitors have expressed varying interest in Adelphia, led by Comcast and Time Warner, which are working together on a joint bid for Adelphia’s assets.