Beleaguered Adelphia Communications Corp. inched closer to a bankruptcy filing, after it failed to make roughly $30 million in interest and dividend payments due June 17.
Adelphia said it missed an interest payment of more than $23.4 million on 9-3/8 percent senior notes due on Nov. 15, 2009.
Earlier this week, the company said it missed a $52.3 million interest payment on its 10-1/4 percent senior notes due June 15, 2011.
Separately, as WorldCom Inc. works feverously to secure a much-needed $5 billion credit facility, the company announced plans to defer interest payments on some of MCI Group's preferred securities.
The move is expected to save the company roughly $15 million a quarter, according to a WorldCom representative.
The company said under the terms, it is allowed to defer the interest for up to 20 consecutive quarters without incurring a penalty.