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Adelphia delays SEC filing - Broadcasting & Cable

Adelphia delays SEC filing

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Rocked by criticism that it helped the controlling Rigas family to buy stock,
then hid $2.3 billion in associated debt, Adelphia Communications Corp. sought
an extension for its annual 10-K filing with the Securities and Exchange
Commission.

Wall Street analysts expect the 10-K to eventually include more detail about
the company's arrangement with the family of chairman John Rigas to co-borrow at
least $2.3 billion, all of which went to the Rigases' company, Highland
Holdings.

The Rigases have been quizzed for months about how they were financing their
substantial purchases of stock in Adelphia, but they only last week disclosed
that Adelphia's public shareholders were on the hook for the family's
activities.

The company filed for an indefinite delay, saying it 'is conducting a review
aimed at providing additional clarification of certain of the company's
co-borrowing credit facilities and related matters. The review, which reflects
the company's commitment to meet its shareholders' desire for increased
transparency, will be completed and its findings released as soon as
practicable.'

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