Adelphia Clears Another Hurdle In Asset Sale

Law360, New York (June 28, 2006, 12:00 AM EDT) -- A bankruptcy court judge approved a reorganization plan Wednesday that allows Adelphia Communications Corp. to transfer its stake in two joint ventures it owns with Comcast Corp., thus eliminating one of the final obstacles to the sale of its assets to former rivals Comcast and Time Warner Corp.

The decision comes only a day after the same Manhattan bankruptcy court judge approved the $17 billion asset sale by separating it from the rest of Adelphia’s Chapter 11 case. Adelphia can now seek regulatory approval for the...
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