Conversion of Adelphia's preferred stock again postponed

By Caroline Salls

Pittsburgh, May 17 - Conversion of Adelphia Communications Corp.'s 7.5% series E mandatory convertible preferred stock and 7.5% series F mandatory convertible preferred stock was postponed again, this time until June 8, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of New York.

After several extensions, the conversion had previously been postponed to May 6.

The extension was granted to allow more time to resolve disputes related to the validity of the conversion provisions and whether the conversion can or should occur. In addition, blocking conversions preserves the status quo until the disagreement is relevant, the filing said.

The Greenwood Village, Colo., cable television operator filed for bankruptcy on June 25, 2002. Its Chapter 11 case number is 02-41729.

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