Adelphia delays hearing on $8.8 billion exit facility

By Jeff Pines

Washington, June 14 - Adelphia Communications Corp.'s hearing on its proposed $8.8 billion exit facility is on hold until June 21. The hearing was scheduled for Monday.

In the last week, the Greenwood Village, Colo.-based cable television provider received several objections to the non-refundable fees, estimated to range from $20 million to $80 million, connected with the facility through Deutsche Bank Securities Inc.

Opponents argued that if the company committed to paying the fees, it would send the wrong signal to potential buyers of the company's assets. After receiving a mountain of objections to its proposed reorganization plan, Adelphia's management conceded it would look into auctioning the company's assets.

Now, any effort to sell the company's assets would be jeopardized by committing to paying fees on the exit facility, opponents said.

Adelphia filed for bankruptcy on June 25, 2002. Its Chapter 11 case number is 02-41729.

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