Comcast Corp. and Time Warner Cable have signed revised agreements to buy the assets of bankrupt cable operator Adelphia Communications Corp., clearing the way for a deal that would strengthen their hold as the nation's two largest cable operators.
Adelphia, the fifth-largest cable firm in the country, said the deal awaits the approval of the bankruptcy court on Tuesday. Philadelphia-based Comcast and Time Warner Cable, a unit of Time Warner Inc., entered into revised agreements to bypass creditor disputes at Adelphia that had threatened to derail the deal.
The original agreement, first announced in April 2005, required the filing of a Chapter 11 reorganization plan before the sale could be consummated. But creditor fights over how to distribute the sale's proceeds have delayed the filing of the plan, according to Adelphia.
For reprint and licensing requests for this article, CLICK HERE.