Adelphia Communications Corp. took at least one of its units into bankruptcy court Monday, filing a Chapter 11 petition for its Century Communications Corp. division.
The filing came after Adelphia said ousted executives had substantially
overstated the company's cash-flow and subscriber counts, including some
particularly creative ways.
It's not clear when Adelphia might start seeking protection for its myriad
The company said the Rigas family, which had controlled Adelphia, overstated
2001 cash flow by around $200 million, or 16 percent, primarily by playing games with
the company's expenses.