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Adelphia Holds Off on Bankruptcy for Now

By Mark Scott

New York City, NY – Adelphia Communications will not seek bankruptcy protection, at least for now.

Monday's New York Times reports the Adelphia board decided at its meeting Saturday to hold off a bankruptcy filing. But it remains an option if the company fails to find new sources of cash to satisfy creditors.

The Adelphia board met in New York City. People familiar with Adelphia's situation say the meeting was relatively civil following a bitter exchange of letters last week by interim CEO Erland Kailborne and major shareholder Leonard Tow.

Adelphia may have been de-listed by Nasdaq. But its stock does continue to trade on the over-the-counter market under the symbol "ADELA." In fact, more than four million shares were traded Monday. In late trading, the stock price was up five cents to 75-cents a share.