Adelphia Files Amended Plan to Exit Bankruptcy

Adelphia Communications Corp., which is considering a $17-billion sale of its assets to Time Warner Inc. and Comcast Corp., filed an amended plan to exit bankruptcy protection that incorporated the possible transaction.

Adelphia will announce a winning bidder or a decision to exit bankruptcy as a stand-alone company at the end of March, spokeswoman Erica Stull said. Adelphia also received an asset purchase offer from Kohlberg Kravis Roberts & Co., people familiar with the matter have said.

The new plan is similar to a proposal filed about a year ago in which the company sought to exit bankruptcy without an asset sale. The new plan includes details on how creditors would be paid if Adelphia sells its assets, Stull said.