Adelphia Creditors Ask Bankruptcy Court to Liquidate Company
A Bloomberg News article, via The New York Times, reports that:
A group of creditors of Adelphia Communications asked a judge last week to liquidate the company and its affiliates, and thus speed payments to all creditors.More here.
Banks including Wachovia, PNC and Calyon, a unit of Crédit Agricole of France, asked Judge Robert E. Gerber of Federal Bankruptcy Court in Manhattan to convert the bankruptcy cases of Adelphia and some affiliates from a reorganization to a Chapter 7 liquidation.
Under the plan, a court-appointed trustee would oversee the liquidation and develop a plan to distribute the proceeds to creditors.
posted by Fergie @ 8/28/2006 09:22:00 AM
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