Adelphia Adelphia freedom

Adelphia’s creditors have little to whine about from the bust cable group’s $17.6bn takeover by Time Warner and Comcast. That’s actually surprising given how difficult it was to drum up a decent auction for the business. Because of its size, there were only ever a few potential bidders. And the spread of assets and complexity of their ownership made it difficult for any one of them to go it alone, reducing competitive tension. Yet despite these difficulties, the creditors are getting a good pri...