Adelphia Defaults on $45-Million Payment

Adelphia Communications Corp. defaulted on $45 million in interest and preferred dividend payments after a grace period expired Monday, giving bondholders the right to push the company into bankruptcy.

Adelphia also missed a $55.4-million interest payment to bondholders due Saturday and has defaulted on more than $7 billion in bank debt.

Meanwhile, the National Hockey League took control of the debt-laden Buffalo Sabres from Adelphia founder John Rigas.

Adelphia shares were unchanged at 17 cents in over-the-counter trading.