Adelphia Communications Corp.'s bonds jumped five to six points on the filing of a new plan of reorganization that would increase claims going to bondholders, according to a KDP Advisors report. Adelphia's 7 3/4% '09 bonds increased to 51 1/2 from 48 3/4. Its 10 7/8% '10 bonds jumped to 51 3/4 from 49.
Details of the new plan of reorganization could not be determined by press time. At the beginning of June, Adelphia filed a plan relating to the sale of assets of two joint ventures it holds with Comcast Corp. Under the plan, Adelphia would pay the majority interests in its joint ventures, Century-TCI and Parnassos, to Comcast. A spokesman said the company is awaiting court approval of this plan and was unable to comment on the new plan of reorganization. The debt for both Century Cable Old and Century Cable New climbed half a point to 96 1/2. The pro rata of Adelphia Parnassus was down a point to 97 3/4, said a trader.