Lenders Flip-Flop On Adelphia's Plan, Draw Opposition

Law360, New York (December 1, 2006, 12:00 AM EST) -- The judge overseeing Adelphia Communications Corp.’s Chapter 11 proceedings has decided to hold a hearing on an emergency motion to vacate a stipulated order that would allow some of Adelphia’s secured lenders to change their votes to accept the company’s reorganization plan.

Thursday, attorneys for a group of Adelphia bondholders filed notice of a December 6th hearing on the issues raised in the bondholders' emergency motion.

The motion claims the stipulation at issue runs afoul of bankruptcy law by allowing members of the ad hoc committee...
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