With Hourglass Running Out, Adelphia Takes New Tack

Law360, New York (May 30, 2006, 12:00 AM EDT) -- With the bankruptcy proceedings still mired in creditor disputes, cable giant Adelphia Communications Corp. is seeking permission from the court to sell its assets prior to a Chapter 11 plan of reorganization being confirmed.

On Friday, the Colorado-based company asked for the bankruptcy court to allow its $17.6 billion sale to Time Warner NY Cable LLC and Comcast Corp. to go forward, absent a restructuring plan.

The bid came as the company expressed growing frustration over squabbling that has long threatened to derail Adelphia’s emergence from...
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