will be delisted by the Nasdaq on Monday for its failure to make timely filings with the
Securities and Exchange Commission
and "based upon public interest concerns."
The news sent Adelphia's shares down 36 cents, or 31%, to 80 cents in premarket trading on Instinet.
The delisting could trigger provisions that would allow bondholders to demand a $1.4 billion payment, a move that could send the cable company into bankruptcy. Efforts to raise cash through asset sales ran into trouble Thursday when
reportedly backed away from a plan to buy 1 million cable subscribers from Adelphia for as much as $3.5 billion.
Adelphia's shares have fallen sharply after the company disclosed multibillion-dollar off balance sheet financing deals in late March. The company's chief executive, John Rigas, has resigned, ceding control of the company he founded 50 years ago.