Nasdaq to delist Adelphia

New York, May 30 - The Nasdaq Stock Market, Inc. said it will delist the securities of Adelphia Communications Corp.

The move would appear to trigger a requirement that Adelphia offer to buy back its outstanding 3.25% due 2021 and 6% convertibles due 2006.

Excluding amounts held by the Rigas family, as of March 31, there was $862.5 million outstanding on the 6% issue and $575 million on the 3.25s.

Nasdaq said its decision to delist is a result of Adelphia's "failure to timely file its periodic reports with the Securities and Exchange Commission as required by Nasdaq rules and based upon public interest concerns."

The delisting is effective on the open of business on Monday, June 3.

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