BusinessBusiness RecoveryAdelphia bankruptcy plan blocked by judge

Adelphia bankruptcy plan blocked by judge

Bankrupt US cable television company's plan to emerge from Chapter 11 rejected

Judge Shira
Scheindlin
of the US District Court in Manhattan has granted a bondholder
group’s request to appeal a plan that would have allowed the once the
fifth-largest US cable television company,
Adelphia, to emerge from
bankruptcy protection.

The bondholders oppose the $15bn (£7.62bn) plan arguing it undervalues their
claims.

The judge ordered the group to post a $1.3bn (£660m) bond to help cover
losses that other creditors might suffer from a delay in the plan’s
implementation.

Scheindlin wrote that the dealy ‘threatens grave harm to thousands of parties
who have been waiting for more than four years to obtain sizeable distribution’.

Further reading:

Adelphia compensation role for ex-SEC chairman

The corridors of power…

Deloitte hit with record $50m charge

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