UPDATE 1-Carlyle sale of Insight Communications on hold
(Adds Reuters sourcing, confirmation)
NEW YORK, Sept 11 (Reuters) - The Carlyle Group [CG.UL] has postponed the sale of Insight Communications Co, a source familiar with the matter said on Tuesday, as credit market turmoil has curtailed bids from suitors interested in the cable company.
Carlyle bought Insight Communications for $2.1 billion in a December 2005 management-led leveraged buyout.
Washington D.C.-based Carlyle, one of the largest private equity firms in the world, put the company up for sale earlier this year. But in the past few months, the credit crunch has forced banks to stop lending large sums of money to leveraged buyout firms.
That, coupled with rising borrowing costs made getting a good price for Insight difficult.
Insight Communications, Inc. is the ninth largest cable company in the United States, according to its Website, serving around 1.3 million basic video customers in Illinois, Indiana, Kentucky and Ohio.
It sells cable, high-speed Internet and phone services to its customers.
Carlyle declined to comment.
(Additional reporting by Lewis Krauskopf, editing by Rory Channing)