September 7, 2006 |
Adelphia Communications Corp. asked a bankruptcy judge for permission to pay its chief executive as much as $16.6 million in bonuses to encourage him to stay until the cable operator winds down operations. In a filing with U.S. Bankruptcy Court in New York, Adelphia said William Schleyer deserves the reward for executing the company's $16.7-billion sale to Time Warner Inc. and Comcast Corp. The Greenwood Village, Colo.
June 15, 2004 |
Adelphia Communications Corp. is working to hire investment bankers to help the cable television operator arrange a sale of the company, President and Chief Operating Officer Ron Cooper said. He didn't name the investment banks being considered. Adelphia filed for bankruptcy protection in June 2002 after founder John Rigas and his two sons, Michael and Timothy, ran up more than $18 billion in debt and hid about $3 billion in personal loans.
December 9, 2004 |
A judge postponed the sentencing of Adelphia Communications Corp. founder John Rigas and his son Timothy on fraud and conspiracy charges until Feb. 23 so attorneys can try to reach a restitution agreement. U.S. District Judge Leonard Sand in New York moved the sentencing from Jan. 5 at the request of prosecutors and defense attorneys. John Rigas, 80, and Timothy, 48, face dozens of years in prison for their convictions in July on charges of looting the No.
February 21, 2003 |
A group of creditors for Adelphia Communications Corp. backed the company's plan to pay two new executives up to $41 million, saying shareholders who oppose it are making a power play. A committee of investors who lost millions in Adelphia's bankruptcy filing says the pay deal for former AT&T Broadband executives William Schleyer and Ronald Cooper is far too expensive. But the creditors, which include Home Box Office, Viacom Inc. and U.S.
October 7, 2005 |
Adelphia Communications Corp. said its loss widened to $1.9 billion last year, more than double its $832-million loss in 2003. Adelphia, which filed for Chapter 11 bankruptcy protection in June 2002, said in a filing with the Securities and Exchange Commission that its 2004 loss equaled $7.56 a share. Total revenue in 2004 rose 16% to $4.14 billion, while the operating loss widened to $165 million from $148.5 million, the Greenwood Village, Colo.-based firm said.
July 7, 2004 |
Jurors in the fraud trial of Adelphia Communications Corp. founder John Rigas and two of his sons requested testimony about one son, Michael, before ending a sixth day of deliberations without reaching a verdict. Federal jurors in New York asked for three excerpts of trial testimony cited by Michael Rigas' defense attorney, Andrew Levander, in his closing argument.
April 28, 2006 |
Adelphia Communications Corp. won court approval to pay $1.23 billion in interest to unsecured creditors under its plan to exit bankruptcy protection. U.S. Bankruptcy Judge Robert Gerber in New York said the interest payments were fair and appropriate for creditors who had waited to be paid since the cable operator filed for Chapter 11 bankruptcy protection in June 2002. Several creditor groups opposed Adelphia's proposal, arguing that the company was paying either too much or too little.
June 21, 2002 |
Adelphia Communications Corp. defaulted on $45 million in interest and preferred dividend payments after a grace period expired Monday, giving bondholders the right to push the company into bankruptcy. Adelphia also missed a $55.4-million interest payment to bondholders due Saturday and has defaulted on more than $7 billion in bank debt. Meanwhile, the National Hockey League took control of the debt-laden Buffalo Sabres from Adelphia founder John Rigas.
August 14, 2003 |
A bankruptcy judge in Manhattan approved an effort by Adelphia Communications Corp. to block preferred shareholders from adding their own directors to the board. The shareholders are barred until a later hearing on the matter, U.S. Bankruptcy Judge Robert Gerber ruled. Adelphia had asked Gerber to block preferred shareholders from trying to expand the company's nine-member board by as many as six directors before it emerges from bankruptcy protection. The Greenwood Village, Colo.