STANFORD - Bankrupt cable giant Adelphia Communications Corporation announced the slice-and-dice sale of the company Tuesday, with plans for the 31-state franchise to be sold as a whole or in seven regional clusters. Kentucky, which includes services in Danville, Harrodsburg and Stanford, has been grouped with Virginia, Maryland and Colorado Springs.
CEO and chairman Bill Schleyer said the seven-way division is hoped to "maximize value for Adelphia's wide range of creditors and other stakeholders." The company filed for Chapter 11 bankruptcy in 2002 following an embezzlement scandal involving members of the company's founding family and the former CEO.
The possible sale could herald the end of America's fifth-largest cable television company, but brings tentative optimism to Stanford customers long suffering from cable woes.
"You hope whoever buys it will be somebody user friendly and have enough financial backing to provide proper service for our citizens," Stanford Mayor Eddie Carter said.