Adelphia creditors have agreed to a new reorganization plan, they...
Adelphia creditors have agreed to a new reorganization plan, they said in a statement urging Adelphia to approve the proposal. They also reserved the right to ask the U.S. Bankruptcy Court to support their plan over Adelphia’s proposal. The…
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creditors said they could continue litigation against the Rigas family, Adelphia’s auditors and other lenders. The preliminary agreement, approved unanimously by the official committee of unsecured creditors, calls for unsecured creditors to receive common stock in the reorganized company, based on an assumed value of $17 billion. It also calls for the process of selling Adelphia to continue. Adelphia said it’s reviewing the plan and described it as a “productive step” in the bankruptcy process. Adelphia also said final offers on the purchase of the company are expected in Jan.