Adelphia Communications' bank debt fell last week with a couple of $2.5 million pieces trading in the 96 range following new reports that the company's off-balance sheet debt may be larger than previously believed. Early last Wednesday, dealers quoted the name in the 95 1/2 97 context. The company also announced that the Securities and Exchange Commission is conducting an informal inquiry into the matter. Calls to Jim Brown, company v.p of finance, were referred to a spokeswoman who did not return calls by press time.
Other cable names traded off in Adelphia's wake, dealers said. Insight Communications and Mediacom Communications ticked down to 100 1/4 from 100 3/4 with $2.5 million pieces of both names changing hands in the street. Charter Communications also slumped with a $ 2.5 million piece trading at the 96 1/2 level. Traders said that bids sank as low as 95 1/2 last week, but priced in the market in the 96 1/4 to 96 3/4 context. Officials at the companies could not be reached by press time.