Adelphia Judge Approves Interest Payments

Law360, New York (April 28, 2006, 12:00 AM EDT) -- The federal bankruptcy judge overseeing Adelphia Communication’s Chapter 11 case streamlined the proceedings by approving $1.23 billion in interest payments to the Colorado-based cable company’s unsecured creditors on Thursday.

The ruling establishes a blanket interest rate to be paid to Adelphia’s unsecured creditors, whose various individually determined interest rates and procedures for dealing with past-due debt threatened to hamper the proceedings, according to a source close to the case.

This move by Judge Robert E. Gerber of New York’s Southern District Bankruptcy court will halt what...
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