Court Throws Bankrupt Adelphia A Lifeline

Law360, New York (March 22, 2006, 12:00 AM EST) -- As tensions continue to roil Adelphia Communication Corp.’s reorganization plan, a bankruptcy court has approved of a financing deal to keep the cable provider up and running.

A group of lenders led by J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. had provided the beleaguered company with a debtor-in-possession loan, which was extended from the original maturity date of March 31 to August 7.

The U.S. Bankruptcy Court in Manhattan also issued an order last Thursday saying that the $1.3 billion funding package will cease...
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