Judge Rules Against Adelphia Bondholders
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A judge barred the holders of Adelphia Communications Corp. bonds from filing a competing plan to end the company’s bankruptcy case and distribute almost $16.7 billion.
The decision by U.S. Bankruptcy Judge Robert Gerber in New York eliminates a major hurdle for a bid by Adelphia and its unsecured creditors to win approval of their reorganization plan before an Oct. 31 deadline. The decision also saves Adelphia from having to persuade stakeholders to choose its plan over a bondholder proposal.
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