Adelphia Creditors Urge Rejection Of Plan

Law360, New York (January 23, 2006, 12:00 AM EST) -- Although Adelphia is working toward emerging from Chapter 11 bankruptcy protection, obstacles continue to slow the struggling cable company’s progress.

Most recently, a group of Adelphia’s creditors have received permission to disseminate a letter urging other creditors not to approve the company’s reemergence plan.

The group of creditors responsible for drafting the letter comprises lenders that own about $2.2 billion of Adelphia’s $6.8 billion in defaulted loans.

In a court filing, the lenders said that they support the plan to sell most of Adelphia’s assets to...
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