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Strategies & Market Trends : Technical analysis for shorts & longs

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Nov 21 4:00 PM EST

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To: Johnny Canuck who wrote (37455)	6/27/2002 2:49:12 AM
From: Johnny Canuck	Read Replies (1) of 68212

Banks disclose hundreds of millions in exposure to Adelphia Last Updated Thu, 27 Jun 2002 0:30:49 TORONTO - TD Bank (TSX:TD) revealed Wednesday after the close of trading that it is owed $222 million US by the Aldephia (OTC:ADELA) group of companies. And Bank of Montreal said its exposure is almost as large – $214 million US. Adelphia Communications filed for bankruptcy protection on June 25. TD bank said its exposure is divided among five separate cable subsidiaries of Adelphia Communications Corp., a holding company which filed for bankruptcy protection late Tuesday. TD said it has no direct loan exposure to the holding company. TD said it has already taken a provision large enough in the current quarter to cover its impaired loans to the company. BMO said its exposure is divided among the six separate cable operating subsidiaries of Adelphia. The bank said the Adelphia exposure has been classified as "impaired" and said the bank would not be raising its previously-announced loan-loss guidance for the year. Royal Bank does not spell out the specifics of its exposure to any individual company, but said it remained "comfortable" with its loan-loss guidance. Founded by the Rigas family in the small town of Coudersport, Pennsylvania, Adelphia's problems have been in the headlines since March. That's when it came to light that the company had made billions of dollars in off-balance-sheet loans to the Rigas family. The company then came under investigation by the Securities and Exchange Commission and two federal grand juries. Adelphia defaulted on about $7 billion US in financing, but said Tuesday that as part of its bankruptcy protection filing it has lined up $1.5 billion US in new financing to help the company through its restructuring. Written by CBC News Online staff

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