MSO Adelphia Communications Corp.'s commercial-telephone unit is finally
starting to crumble.
Adelphia Business Solutions said it won't
make a scheduled $15.3 million interest payment it owes on some of its bonds.
The interest payment was due Friday, and the company said in a Securities and
Exchange Commission filing that Adelphia Business will default if it doesn't
make the payment when a 30-day grace period expires March 31.
Adelphia Business started as a subsidiary of its
cable-operator parent, but Adelphia Communications spun it off to shareholders
That means if the telephone company has to file for Chapter 11, it shouldn't
dramatically crunch the cable company.