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Bank of America Unhappy With Adelphia's Ch.11 Plan

Law360 (November 16, 2006, 12:00 AM EST) -- A creditor in Adelphia Communications Corp.’s bankruptcy proceedings opposed its Chapter 11 reorganization plan on Wednesday, arguing the plan is not legally sustainable or economically feasible.

In documents filed in the U.S. Bankruptcy Court in Manhattan, the Bank of America objected to confirmation of the new plan, claiming that although Adelphia says all of its secured lenders are being paid in full, “unfortunately, saying it often enough doesn’t make it so.”

The bank said Adelphia’s plan ignored legal requirements of the Bankruptcy Code by giving Adelphia...
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