Adelphia Files Plan on Sale Proceeds

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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.