June 8, 2005
Adelphia Communications Corporation and its joint venture partner ML Media Partners, L.P. announce agreement to sell their jointly owned San Juan Puerto Rico area cable operations to private equity firms MidOcean Partners and Crestview Partners for $520 million.
On June 6, Willkie client Adelphia Communications Corporation and its joint venture partner ML Media Partners, L.P. announced an agreement to sell their jointly owned San Juan Puerto Rico area cable operations to private equity firms MidOcean Partners and Crestview Partners for $520 million. The system serves approximately 137,000 customers in the greater San Juan area. Willkie continues to serve as bankruptcy counsel to Adelphia, which is preparing to emerge from Chapter 11 bankruptcy protection and recently entered into a contract to sell substantially all of its cable operations to Time Warner Inc. and Comcast Corp. (deal completion pending) for $17.6 billion. As noted in the June 7 edition of The Daily Deal, the transaction was handled by partner Maurice Lefkort and associates David Kurzweil, Steven Mathe, Hillel Jacobson and Morris Massel.
