Judge Approves Adelphia, Verizon Settlement

Law360, New York (October 5, 2006, 12:00 AM EDT) -- A federal bankruptcy judge has signed off on a settlement agreement under which Verizon Media Ventures Inc. will drop its objection to Adelphia Communications Corp.’s Chapter 11 plan in exchange for being allowed two unsecured claims totaling more than $87 million against the bankrupt cable provider and a California subsidiary.

However, the agreement, approved by U.S. Bankruptcy Judge Robert E. Gerber in an order issued Thursday, noted that Verizon’s right to vote against any amended plan will be preserved if that plan gives the unsecured claims...
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