Adelphia’s DIP Loan Extension Approved

Law360, New York (July 31, 2006, 12:00 AM EDT) -- A judge has approved bankrupt cable provider Adelphia Communications Corp.’s bid to extend its $1.3 billion debtor-in-possession loan, extending the maturity date from Aug. 7 to Nov. 7, according to court filings.

Adelphia asked the bankruptcy court to extend the DIP financing in mid-July in order to avoid running out of funding before its sale to rivals Comcast Corp. and Time Warner Inc. is complete.

“The terms of the extended DIP facility and the other extension documents appear to be fair and reasonable, reflect the debtors’...
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