Copyright 2007, Inc.
All Rights Reserved
February 13, 2007 Tuesday 10:06 AM EST
Nat Worden, Staff Reporter
From Lexis Nexis

Time Warner (TWX:NYSE) announced Tuesday that it expects its shares of its cable business to begin trading on the New York Stock Exchange under the ticker TWC on March 1.
The announcement comes after a U.S. District Court judge allowed bankrupt cable operator Adelphia Communications to distribute $17 billion in stock and cash owed to creditors. A group of Adelphia bondholders had contested the plan, which was approved last month, causing U.S. District Judge Shira Scheindlin to halt it on Jan. 24.

Adelphia got the cable system's shares when Time Warner bought part of the company's operations last summer.

Last week, the U.S. Court of Appeals for the Second Circuit ruled the group of disgruntled bondholders would still need to post a $1.3 billion bond while its appeal was considered. The group didn't post the bond, so the case was closed Monday, clearing the way for Time Warner Cable Class A common stock to be distributed to Adelphia holders as planned.

Time Warner said it expects 75% of the shares to be distributed within the next week.

The remaining shares are expected to be distributed over the coming months as lingering disputes are resolved by the bankruptcy court.

Time Warner Cable became public without the traditional underwritten offering that was one alternative under its agreements with Adelphia. As a result, the company said it has withdrawn its registration that was filed with the Securities and Exchange Commission.

Time Warner has been eager to see its cable unit spun off and valued on a stand-alone basis in the marketplace. Shares of cable operators have been trading at a premium, while Time Warner shares have been depressed by issues at its publishing assets and its Internet division, AOL.

"Becoming a public company is the latest step in creating a Time Warner Cable with greater scale, improved subscriber clusters, stronger growth opportunities and enhanced strategic flexibility," said Time Warner, in a press release. "Our aggressive integration efforts of the newly acquired systems are ongoing, and we're making progress toward preparing these systems to offer Time Warner Cable's advanced services."