Adelphia Misses Interest Payments

Cable company Adelphia Communications Corp. said that it and one of its subsidiaries missed interest payments totaling more than $55 million and that its former auditor is withdrawing certification of some financial statements.

Coudersport, Pa.-based Adelphia, which has put about half its subscriber assets up for sale and faces federal investigations of off-balance-sheet financing deals, said that it missed a payment of $51.25 million on 10.25% senior notes due in 2009 and that subsidiary Arahova Communications Inc. missed a payment of $4.19 million on 8.375% senior notes due in 2007.

The company also said its former independent auditor, Deloitte & Touche, will withdraw certifications it issued of financial results for Adelphia and its subsidiaries since March 2001.