ADLAC meaning in Business ?

Answer:

What is Adelphia Communications Corporation mean?

Adelphia Communications Corporation was an American cable television company with headquarters in Coudersport, Pennsylvania. It was founded in 1952 by brothers Gus and John Rigas after purchasing a cable television franchise for $300. Combining various cable properties, the company became one of the most successful in the United States and reached over 2 million subscribers in 1998. Apart from cable television, later Adelphia started providing high-speed internet, phone services and voice messaging for businesses.

Despite its success, in 2002 the company filed for bankruptcy amid an internal corruption scandal. An investigation was launched and later revealed that some members of the Rigas family used $2.3 billion to illegitimately purchase personal luxuries. A trial for the case was launched and saw John Rigas being sentenced to 15 years in prison, while his son Timothy Rigas received a sentence of 20 years. John Rigas was released in 2016 as a result of health issues.

Following the file for bankruptcy, a plan for company restructuring was approved in 2004; amongst other things the plan included a full cash payment to possession lenders, bank lenders and joint venture partners. In July 2006, Adelphia sold its cable operations to Comcast and Time Warner for $17.6 billion. In 2007, Time Warner officially succeeded Adelphia as a publicly traded corporation. The Rigas family established a successor company, Zito Media, to provide cable service in some areas not sold to Time Warner, including most cable systems in Potter County, Pennsylvania.

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