Adelphia target of formal SEC probe

PHILADELPHIA - Cable operator Adelphia Communications says it has been informed by the Securities and Exchange Commission that a formal probe has been opened into its accounting. At issue is borrowing by company units and firms owned by relatives of the founder. <br> <br> The announcement comes a day after Coudersport, Pennsylvania-based Adelphia revealed it would further delay filing of its annual 10-K financial report to continue its review of more than $2 billion in off-the-books debt. <br> <br> Adelphia had revealed that borrowing by the family of its founder, chairman and CEO John Rigas, along with family-controlled partnerships, could leave the company liable if the partnerships were unable to pay back the debt. <br> <br> The company said earlier this month it had hired investment banks to help explore ways to reduce the debt, including possible sales of some cable assets.

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