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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