Adelphia, Banks' $42M Grid Interest Deal OK'd

Law360, New York (March 18, 2011, 5:40 PM EDT) -- A New York bankruptcy judge on Friday granted Adelphia Communications Corp.'s bid for approval of a $42.5 million settlement covering grid interest claims that Citibank NA and Bank of Nova Scotia raised as administrative agents for two credit facilities.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York signed off on a 2-page order granting Adelphia's Feb. 28 motion for approval of the deal.

The settlement covers a long-running dispute over $117 million in additional interest that the banks...
To view the full article, register now.