Time Warner Cable to Start Trading Next Month
The company expects the stock to be listed on the New York Stock Exchange.
The move by Time Warner Cable is a result of Adelphia Communications'
Adelphia, which was once the fifth-largest U.S. cable operator before going bankrupt, received Class A shares of Time Warner Cable on July 31, 2006, as part of the payment for Adelphia's cable systems.
Time Warner Cable said the shares will be distributed by Adelphia to its creditors in accordance with its Chapter 11 plan over the next few days. Time Warner Cable will trade under the "TWC" symbol.
Time Warner Cable withdrew its initial public offering registration filed with the Securities and Exchange Commission in October 2006. It filed updated information with the SEC on Tuesday regarding its operations.
Time Warner will retain 84% ownership of Time Warner Cable.