Adelphia Seeks to Pay CEO $16.6 Million
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Adelphia Communications Corp. asked a bankruptcy judge for permission to pay its chief executive as much as $16.6 million in bonuses to encourage him to stay until the cable operator winds down operations.
In a filing with U.S. Bankruptcy Court in New York, Adelphia said William Schleyer deserves the reward for executing the company’s $16.7-billion sale to Time Warner Inc. and Comcast Corp.
The Greenwood Village, Colo.-based company’s pursuit of a bankruptcy exit plan has been slowed by a dispute over how to distribute proceeds of the asset sale, completed July 31.
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