Adelphia Business obtains agreement for $15 million DIP financing

New York, June 20 - Adelphia Business Solutions said it agreed on a $15 million secured debtor-in-possession credit facility with Beal Capital Markets, Inc., of Plano, Texas.

Adelphia Business Solutions said the facility along with previous modifications to its business plan will provide the necessary liquidity to emerge from Chapter 11.

The financing is subject to the satisfaction of "numerous" material conditions, including the negotiation and execution of a definitive agreement and the formal approval of the U.S. Bankruptcy Court.

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