Adelphia Communications is far from out of its financial crisis even though founder John Rigas and his family surrendered control of the ailing cable operator. The resignation of Rigas and his three sons from Adelphia's board was aimed at coaxing bankers into affording Adelphia some badly needed cash to cure bond defaults, continue operations and keep the company out of bankruptcy court. Rigas-family companies agreed to steer $1 billion worth of securities and cash flow from privately held cable systems to Adelphia to support loans that the cable company co-signed. The big surprise from last Thursday's disclosure statements is the increasing size of family debts that Adelphia is on the hook for as well.
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