There were at least some people who thought, back when bankrupt Adelphia announced it would agree to be split up and acquired by Time Warner Cable and Comcast in a $17-billion dollar deal, that the deal would be done by now. Well, not so fast.
An apparent dispute with creditors has bogged down the effort to jettison Adelphia's assets. The Plain Dealer's Henry Gomez reports that Adelphia has revised its reorganization plan in an effort to end the dispute.
What does it all mean? July 31st, that's what it means. It's a date we've heard from sources recently, and it's now directly out of the mouth of Adelphia chairman and CEO William Schleyer in a statement out today. He says that it is "essential" for the Adelphia asset sale to be completed by the end of July.
Gomez reports that some 465,000 local cable customers are affected...as Time Warner Cable drives the Adelphia shutdown bus locally, taking in Adelphia's customers as well as Cleveland-area Comcast subscribers in the merger. In some other parts of the country, Comcast will take over some Time Warner systems in the deal to create their own larger clusters in other markets...