Adelphia Creditors Urge Rejection Of Plan

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.