Bondholders Blast Adelphia’s IPO Plans

Law360, New York (February 13, 2007, 12:00 AM EST) -- Bondholders of Adelphia Communications Corp. have filed an objection to the cable company’s plan to hold an initial public offering of Time Warner Corp. stock as stipulated by the buyout agreement reached between the two companies.

Last July, Adelphia and Time Warner reached an agreement in which Time Warner and fellow cable company Comcast Corp. purchased all of Adelphia’s assets in exchange for cash and a 16% stake in Time Warner.

As part of the deal, Adelphia agreed to sell a third of the Time Warner...
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