Friday, February 4, 2005

Adelphia Files Amended Chapter 11 Plan

Adelphia Communications filed an amended plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York. The company said its new plan facilitates the sale process by allowing for the distribution of sale consideration to Adelphia's creditors upon a sale of all or a portion of Adelphia's assets. At the same time, the plan preserves Adelphia's ability to emerge from Chapter 11 bankruptcy as an independent entity. The amended plan also adds provisions designed to facilitate potential compromises of outstanding inter-creditor disputes and governmental settlement demands in the context of a potential global settlement.

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