Bankrupt cabler Adelphia Communications has offered William Schleyer and Ron Cooper, top execs at AT&T Broadband, posts of chief executive and chief operating officer.
A resolution to the negotiations is likely in two to three weeks. The appointment of two industry veterans would be a major step forward for the cable company, which filed for Chapter 11 last summer after an accounting scandal devastated its stock and sent the cable industry into a tailspin. Adelphia founder and former chairman John Rigas and two of his sons were charged with multiple counts of fraud. The case is still pending.
Adelphia board member Erksine Kailbourne has been serving as chairman and interim CEO and conducting a search for leadership to lead the company out of the darkest period in its history. New management will try to reinvigorate the Coudersport, Pa.,-based company or preside over a sale of its assets. Adelphia is the nation’s sixth largest cabler with lucrative franchises in Southern California.
The employment contracts must be approved by Adelphia’s bankruptcy judge.
The AT&T execs were planning to exit the telephone and cable giant when it merged with Comcast. That deal is expected to close any day.