Paper under the Adelphia Communications Corp. umbrella has been trading as banks and bargain hunters choose to cash out as the price for the paper inches toward par. One dealer noted that more than $80 million of the paper has changed hands over the last week. The Century Cable "old" term loan was quoted in the 971/2-981/2 range last week.
Sellers are leaving about two points on the table, but they will not be exposed to any future downside, said one trader. Adelphia is still wading through its bankruptcy process. A plan of reorganization is expected before the end of the first quarter. Calls to Adelphia officials were referred to a spokesman who did not return calls by press time.