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Adelphia Gets OK to File New Chapter 11 Exit Plan

April 07, 2006|From Bloomberg News

Adelphia Communications Corp. won approval to file a plan to exit bankruptcy that would settle creditor disputes and allow a proposed asset sale to Time Warner Inc. and Comcast Corp. to be completed on time.

U.S. Bankruptcy Judge Robert Gerber authorized the second version of the plan, which currently proposes that creditors litigate disputes with the cable operator. Creditors will have the option of voting for either version.

Missing a July 31 deadline might kill the deal and force Greenwood Village, Colo.-based Adelphia to pay $440 million to the would-be buyers.

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