NEW YORK (CNN) - Time Warner and Comcast are submitting a joint bid to purchase assets of cable television operator Adelphia Communications, according to a person with knowledge of the situation. Bids for Adelphia are due Monday.

Adelphia, the fifth-largest cable operator in the nation, has described the bidding as "robust."

Adelphia filed for bankruptcy in 2002, following the accounting scandal that led to conviction of the company's founder, John Rigas, for fraud. Rigas is scheduled to be sentenced in February.

The company has split its operations into seven geographical groups for purposes of the auction and parties may submit bids for any of the segments.

Creditors demanded the auction after a plan to reorganize the company valued it at $17 billion, less than creditors believe the assets will fetch at auction.

Time Warner and Comcast may face competition from a number of private equity groups and cable entrepreneurs who may either bid for the whole company or just parts of it.

But if the companies' bid is rejected, Time Warner and Comcast are still expected to be able to bid for one or all of the seven units.

Adelphia spokesperson Paul Jacobson said the company may choose to sell all of the seven segments, some of them or none.

Time Warner and Comcast (Research) had no comment.

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