Adelphia hearing set for Friday on immediate access to $500 million of its DIP

By Sara Rosenberg

New York, June 27 - Adelphia Communications Corp. has a court hearing scheduled for Friday on a motion for immediate access to $500 million of its $1.5 billion debtor-in-possession facility, according to a company press release. A consortium of banks led by JPMorgan Chase Bank and Citigroup USA Inc is providing the DIP.

Furthermore, the Coudersport, Pa. cable company had its first day orders approved by the U.S. Bankruptcy Court for the Southern District of New York on Thursday, the release said. Approved orders include immediate authority to pay employees' salaries and wages and to continue to provide health and other employee benefits, authority to pay local franchise authorities pre-petition obligations and authority to continue to satisfy all of its pre-petition obligations to customers.

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