Adelphia Seeks DIP Financing Extension

Law360, New York (July 14, 2006, 12:00 AM EDT) -- Bankrupt cable provider Adelphia has asked a bankruptcy court to extend its debtor-in-possession financing in order to avoid running out of funding before its sale to rivals Comcast Corp. and Time Warner Inc. is complete.

“While the debtors expect to consummate the sale transaction prior to its outside date of July 31, 2006 (and thus prior to the current August 7, 2006 maturity date of the existing DIP facility), in the exercise of prudent business judgment, the debtors have taken steps to obtain the agreement of...
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