Adelphia Communications
 |
|
| Public | |
| Industry | Telecommunications |
| Fate | Filed for Chapter 11 bankruptcy, assets were acquired by Time Warner Cable and Comcast |
| Successor | Time Warner Cable and Comcast |
| Founded | 1952 |
| Defunct | July 31, 2006 |
| Headquarters | Greenwood Village, Colorado |
|
Key people
|
John Rigas, founder William T. Schleyer, Chairman and CEO Ronald (Ron) Cooper, President and COO Vanessa Wittman, EVP and CFO |
| Products | Cable television, Internet Service Provider |
| Revenue | $3.61 billion (2003) |
|
Number of employees
|
275 (2006) |
| Website | adelphiarestructuring |
Adelphia Communications Corporation (former NASDAQ ticker symbol ADELQ), named after the Greek word αδελφοί adelphoi "brothers", was a cable television company headquartered in Coudersport, Pennsylvania. Adelphia was the fifth largest cable company in the United States before filing for bankruptcy in 2002 as a result of internal corruption. Adelphia was founded in 1952 by John Rigas in the town of Coudersport, which remained the company's headquarters until it was moved to Greenwood Village, Colorado, shortly after filing for bankruptcy.
The majority of Adelphia's revenue-generating assets were officially acquired by Time Warner Cable and Comcast on July 31, 2006. LFC, an internet-based real estate marketing firm, auctioned off the remaining Adelphia real estate assets.
As a result of this acquisition, Adelphia no longer exists as a cable provider. Adelphia's long-distance telephone business with 110,000 customers in 27 states (telephone & long-distance services) was sold to Pioneer Telephone for about $1.2 million.
Upon divesting its cable assets, Adelphia retained a skeleton crew of 275 employees to handle remaining bankruptcy issues. It still exists as a corporate entity, continuing largely to settle ongoing financial obligations and litigation claims, as well as to consummate settlements with the SEC and the U.S. Attorney.
Adelphia went bankrupt after internal corruption in 2002.
The effective date of the Adelphia Plan of Reorganization occurred on February 13, 2007. Time Warner Cable was allowed to distribute approximately $6 billion in shares to Adelphia stakeholders and succeed Adelphia as a publicly traded corporation.
The founders of Adelphia were charged with securities violations. Five officers were indicted and two (John Rigas and Timothy Rigas) were found guilty. Rigas founded Adelphia with a $300 license in 1952, took the company public in 1986 and built it by acquiring other systems in the 1990s. The company collapsed into bankruptcy in 2002 after it disclosed $2.3 billion in off-balance-sheet debt.
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Wikipedia