Cable networks will take a pretty sharp hit in Adelphia Communications
Corp.'s Chapter 11 proceedings, with the cable operator owing them $171
million.
Adelphia's list of unsecured creditors crunched by Bankruptcy.com cited 20
outstanding programming bills of more than $4 million, some to networks under
the same parent company.
Home Box Office is the largest, with a $34 million debt outstanding.
Next are Turner Network Television ($13.9 million), Showtime Networks Inc. ($11.9 million) and MTV
Networks ($11.6 million).
Adelphia owes 13 cable-equipment vendors $182 million.
Motorola Inc. is out $53.1 million.
The next largest are C-COR.net Corp. ($35 million), CommScope Inc. ($22.4 million) and
Arris ($16.7 million.).
The debts paled compared with Adelphia's $20 billion in overall debt, including bank
and bond lenders that are likely to collect 50 to 100 cents on the dollar.
As unsecured creditors, the programming and equipment
companies will probably wind up with five to 20 cents on the
dollar.
