Citibank Can Go After Adelphia Grid Payments: Judge

Law360, New York (August 25, 2008, 12:00 AM EDT) -- Citibank and the Bank of Nova Scotia are secured creditors and will be able to go after Adelphia Communications Corp. for “grid interest” payments, a federal judge ruled on Thursday, reversing a 2006 bankruptcy court ruling.

Judge John G. Koeltl of the U.S. District Court for the Southern District of New York overturned a 2006 bankruptcy court ruling that said the two banks, along with four other creditors, were only entitled to an agreed-upon default rate on credit facilities extended to Adelphia prior to the telecommunications...
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