Adelphia Communications filed for bankruptcy last week but, because investors had anticipated a Chapter 11 filing, levels for its different bank facilities did not fluctuate drastically. Traders said the name was relatively quiet, although some of its Century Cable paper moved in retail. That paper was believed to have traded in small pieces in the 75-80 range, wider than the 79-80 range quoted the previous week.
Levels for Adelphia paper actually had risen over the previous couple of weeks. After Century Communications, one of Adelphia's operating companies, filed for bankruptcy in mid-June, more than $40-50 million of Adelphia's Century Cable facility changed hands in the 78-81 range (LMW, 6/17). One trader noted that any pressure on trading levels last week was the result of a double whammy from both Adelphia's bankruptcy filing and WorldCom's accounting scandal. An Adelphia spokeswoman could not be reached by press time.