Adelphia Moves to Arrange for Sale

Adelphia Communications Corp. is working to hire investment bankers to help the cable television operator arrange a sale of the company, President and Chief Operating Officer Ron Cooper said.

He didn’t name the investment banks being considered.

Adelphia filed for bankruptcy protection in June 2002 after founder John Rigas and his two sons, Michael and Timothy, ran up more than $18 billion in debt and hid about $3 billion in personal loans. In April, Adelphia said it may seek a buyer after creditors and bondholders opposed a reorganization plan.