Adelphia Cable Bankruptcy

By: AP
By: AP

A bankruptcy judge in New York says it's OK for a Colorado cable company to sell its assets to two competing firms.

Judge Robert Gerber today OK'd Adelphia Communications' plan to sell the assets to Time Warner and Comcast in a deal expected to net about $17 billion.

Gerber also says he'll "detach" that sale from the rest of Adelphia's bankruptcy process. The Time Warner/Comcast deal was in jeopardy because of a July 31 deadline allowing buyers to cancel the offer.

Company officials say creditor disputes have delayed Adelphia's filing of a final reorganization plan.

Greenwood Village (Colorado)-based Adelphia is the country's fifth-largest cable operator.

It declared bankruptcy four years ago Sunday, June 25, 2002.

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