Adelphia gets court approval for $1.5 billion DIP facility

By Sara Rosenberg

New York, Aug. 23 - Adelphia Communications Corp. received bankruptcy court approval for a $1.5 billion debtor-in-possession credit facility provided by a consortium of banks led by JPMorgan Chase Bank and Citigroup USA Inc.

As was previously announced on June 28, the Coudersport, Pa. cable company received court approval for an initial advance under the facility of up to $500 million.

"The financing enables Adelphia to continue to operate smoothly and provide quality cable services and advanced services throughout the reorganization process," a news release said. "In addition, it will be available to fund the company's continued maintenance and upgrading of its cable systems, enabling Adelphia to offer its customers digital cable, high-speed Internet access and other enhanced services."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.