Time Warner and Comcast received bankruptcy court approval to purchase troubled Adelphia Communications Corp. for $17.6 billion.
The cable television companies will share the bankrupted cable operator's 5 million subscribers. Adelphia's creditors had slowed down the sale, fighting over the course of the past year over how best to distribute the proceeds to cover more than $18 billion in debts. The ruling from Federal Bankruptcy Court Judge Robert E. Gerber allowed the sale to move forward without a creditor vote.
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