Judge Puts Adelphia Plan On Freeze

Law360, New York (January 24, 2007, 12:00 AM EST) -- A federal judge delayed the implementation of Adelphia Communication Corp.’s Chapter 11 reorganization plan on Wednesday, granting the bondholders a stay to ensure a meaningful appellate review.

U.S. District Judge Shira Scheindlin granted the group’s request for a stay. The bondholders argue the bankruptcy judge was wrong to confirm Adelphia’s reorganization plan.

Judge Scheindlin also will require the bondholders to post a $1.3 billion bond to offset any harm to Adelphia and the creditors in case the stay would diminish the value of the bankruptcy estate....
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