Cequel III, the St. Louis-based telecommunications-management and investment
firm headed by former Charter Communications Inc. CEO Jerry Kent, and Classic
Holdco LLC announced an agreement to acquire and assume management of 81,000
subscribers in nine states from Alliance Communications Partners for $81
million.
The Alliance systems -- located in Arkansas, Illinois, Indiana, Missouri,
Maryland, Ohio, Pennsylvania, Tennessee and West Virginia -- are owned by a
consortium of banks and private-equity firms and managed by R&A Management,
formerly Rifkin Associates Inc.
According to a press release, the deal is expected to close by fourth quarter
and is supported by a majority of Alliance’s existing lenders and interest
holders.
The deal will also be a key component of Alliance’s court-assisted
restructuring and liquidation plan, expected to be filed with the U.S.
Bankruptcy Court in Delaware Sept. 8.
Denver-based cable investment banker Daniels & Associates represented
Alliance in the transaction.
