Adelphia Amends Sale Plans

Law360, New York (June 23, 2006, 12:00 AM EDT) -- Looking to speed up the sale of its assets to Time Warner NY Cable and Comcast Corp. and appease its creditors, Adelphia Communications Corp. has amended its sales proposal.

The changes were made to appease the cable company’s creditors, who had objected to the proposed $17.6 billion sale. Adelphia also modified its reorganization plan to reflect the changes in the proposal.

Under the original sales agreement, which the creditors committee supported, 16% of Time Warner’s stock totaling nearly $5 billion would be distributed to Adelphia’s creditors,...
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