Plan No. 3 for Adelphia

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Adelphia Communications Corp. Wednesday filed a third amended plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York, together with the related amended disclosure statement.

The MSO said it expects a disclosure hearing to begin in October, followed by creditor balloting and a confirmation hearing to approve a final plan of reorganization.

Adelphia added that it expects talks to continue regarding the terms of the proposed plan of reorganization and disclosure statement as the constituents work through a number of inter-creditor issues. The company also expects the open issues noted in the document to result in material changes to the proposed plan and disclosure statement.

“Over the past several months, we have worked closely with the relevant constituents to balance their respective interests in an effort to achieve the most value for the bankruptcy estate," Adelphia chairman and CEO Bill Schleyer said in a prepared statement. "We are pleased to keep the process moving ahead toward ultimate resolution.”

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