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Court OKs Adelphia Asset Sale To One-Time Rivals

Law360 (June 27, 2006, 12:00 AM EDT) -- After weeks of wrangling, Adelphia Communications Corp. has finally received permission to sell its assets to Time Warner Corp. and Comcast Corp.

Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan said Tuesday that he would grant Adelphia’s wish to detach the asset sale from the rest of the company’s Chapter 11 proceedings.

“We’re obviously pleased with the outcome of the hearing,” said Adelphia spokesperson Paul Jacobson. “We’re looking forward to completing the sale.”

Time Warner and Comcast had agreed in principle to the $17...
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