Adelphia gets court approval to sell Colombian, Venezuelan joint ventures stake

By Jeff Pines

Washington, Dec. 15 - Adelphia Communications Corp. received permission from the U.S. Bankruptcy Court for the Southern District of New York to sell Adelphia's stake in Colombian and Venezuelan joint ventures for $3.3 million.

The order was filed Wednesday.

The Greenwood Village, Colo.-based cable television systems operator owns a 20% stake in Supercable ALK Internacional SA, a Venezuelan joint venture. Since 1994, the company has invested $3 million in the joint venture, which has 101,000 subscribers and $50 million in annual sales.

In Colombia, Adelphia owns stakes in SuperCable Telecommuncaciones SA and SuperCable Colombia SA. Adelphia controls a 20% stake in Supercable Corp., which controls a 48% interest in one of the Colombian companies.

The company will sell its stake to Ahmad Khamsi, founder and president of the joint venture, and Jorge Eljuri Anton. Khamsi owns a 60% stake in Supercable, and Anton owns 20% of Supercable ALK Internacional. Anton and Khamsi are Ecuadorian nationals.

Eljuri's offer was the only serious bid the company received for the assets, Adelphia said.

Adelphia filed for bankruptcy on June 25, 2002. Its Chapter 11 case number is 02-41729.

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