Adelphia Files for Bankruptcy, Receives New Funding

Pennsylvania-based Adelphia Communications Corp., the sixth-largest cable company in the country, has filed for Chapter 11 bankruptcy in New York along with 200 its subsidiaries.

The filing in bankruptcy court will allow the company to continue its daily business in supplying cable and restructure its debt without an immediate need to sell assets.

Adelphia also received $1.5 billion in debtor in possession (DIP) financing from JPMorgan Chase Bank and Citigroup USA Inc to fund continuing operations and technology upgrades.