Adelphia to Solicit Bids for Cable Systems

Adelphia Communications Corp. said it will solicit bids for cable systems representing just under half of its subscriber base, including its prize Los Angeles market.

Adelphia, which faces a federal probe and has warned it could default on some credit agreements, said the systems to be offered for sale cover about 2.75 million subscribers in California, Florida, Virginia and a bloc of southeastern states including South Carolina, North Carolina and Georgia.

Adelphia shares closed up 73 cents at $6.44 on Nasdaq. The stock has fallen more than 68% since the company revealed off-balance sheet financing deals in March.