TWC moves toward public listing

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NEW YORK -- Shares of Time Warner Cable are a step closer to their public listing after a court ruling in the Adelphia Communications bankruptcy case Monday removed a key hurdle.

A federal judge here declared Adelphia's bankruptcy plan effective, with the firm now requiring a filing with a bankruptcy court here that is expected as early as today, sources said. The filing wasn't possible Monday as the court was closed in remembrance of Lincoln's birthday.

Monday's ruling, though, basically cleared the way for Adelphia to distribute $17 billion in stock and cash to thousands of creditors, as it had suggested in its plan for emergence from bankruptcy.

With Monday's ruling, if all goes well and there are no further delays, shares of TWC could be handed to creditors within about two weeks and thereby come to market, observers said.

The alternative and somewhat more involved and expensive path for a listing of the shares, which parent company Time Warner Inc. has pursued simultaneously, would be a formal initial public offering, including an investor road show.

TW declined comment Monday.

The latest development Monday in the dragged-out bankruptcy case came after a group of Adelphia noteholders didn't post a $1.3 billion bond it had been ordered to provide to allow a judge to consider the group's objections to the Adelphia bankruptcy plan.

The group had lost an appeal of the bond requirement last week. On Monday, it formally declined to post the bond at an emergency hearing.
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