Adelphia Files Plan on Sale Proceeds


As expected, on Friday Adelphia Communications Corp. filed an amended plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York, less than a week after closing the formal bidding process for its 5.2 million subscribers.

In the 153-page filing, Adelphia outlined how the proceeds from a possible sale would be distributed to creditors, along with a plan to emerge from bankruptcy protection as a whole entity.