Adelphia Creditors Offer Plan for Revamp
From Associated Press
Unsecured creditors of Adelphia Communications Corp. offered their own terms for a reorganization plan, seeking stock in the new company.
The plan also would give creditors a say in naming directors and would allow lawsuits against Adelphia’s former executives, auditors and co-borrowing lenders to continue. Like Adelphia’s plan, the unsecured creditors’ plan values Adelphia at $17 billion.
