Adelphia ReachesAccord With Lenders

Adelphia Communications Corp., the cable TV company operating under bankruptcy protection, reached an agreement with lenders to gain access to $1.5 billion in financing to resume upgrading its systems.

The banks made the money available after approving a draft of Adelphia’s operating budget, the Greenwood Village, Colo.-based company said. Access to the full credit line, which the Bankruptcy Court approved last year, hinged on new management negotiating acceptable terms with the lenders and preparing a business plan.