Adelphia, Creditors Reach Repayment Plan
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Adelphia Communications Corp. said most of its major bondholders and trade creditors have agreed on the company’s plan to emerge from bankruptcy protection in the fourth quarter.
Bank lenders and other bondholders have not yet signed off on the deal and any reorganization plan needs approval from the U.S. Bankruptcy Court for the Southern District of New York. But Colorado-based Adelphia said the latest developments would help.
The company said the latest agreement reflected a compromise over how to distribute proceeds from the sale of most of its assets to Time Warner Inc. and Comcast Corp.
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