Adelphia's bonds have fallen to trade at less than half their face value, as investors grow convinced the embattled cable TV provider could be worth even less in a bankruptcy than they had previously thought.

And analysts believe a bankruptcy filing could be near.

As Adelphia shares, once worth $87, trade for pennies, the bonds have lost nearly one-third of their value this week, after the No. 6 US cable TV operator on Monday said it overstated cash flow by nearly 15% for each of the last two years -- by $210 million in 2001 and $160 million in 2000.