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Adelphia Communications units get third DIP amendment, file 10-K
By Jeff Pines
Washington, Dec. 23 - Nine Adelphia Communications Corp. subsidiaries received their third amendment to their debtor-in-possession lending agreement and a waiver from their lenders Thursday.
The amendment was reported in an 8-K filed with the Securities and Exchange Commission Thursday.
The amendment gives Adelphia Communications until Jan. 31 to deliver its consolidated audited balance sheet and related consolidated audited statement of income and cash flows for the fiscal years ended Dec. 31, 2002 and Dec. 31, 2003 to the lenders. The previous deadline was Dec. 31.
The amendment also increases to $50 million from $30 million the amount that can be borrowed without the DIP lenders' approval.
JPMorgan Chase Bank is the administrative agent, Citigroup Global Markets Inc. is syndication agent, J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. are joint bookrunners and co-lead arrangers, CitiCorp North America Inc. is as collateral agent, Wachovia Bank NA is co-syndication agent, The Bank of Nova Scotia, Bank of America NA and General Electric Capital Corp. are co-documentation agents.
Adelphia also filed its 10-K for 2003 with the SEC Thursday. The company said the filing is the product of 20 months of labor by accountants who pieced together the company's past performance.
"This filing is a major milestone for Adelphia," said Bill Schleyer, chairman and chief executive officer of Adelphia, in a news release. "While the 10-K presents mostly historic data, it provides the clearest picture yet of the challenges that the company faced and the incredible amount of work that has been done over the last two years to transform Adelphia's business, competitive position, financial reporting and corporate governance."
Adelphia filed for bankruptcy on June 25, 2002 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 02-41729.
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