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Adelphia Files Modified Chapter 11 Reorg

Adelphia Communications Corp. filed a modified Chapter 11 bankruptcy Plan of Reorganization Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The MSO said the filing is related to the two joint ventures it holds with Comcast Corp.

Adelphia added that Tuesday’s filing “is a key step in the process announced” May 26 to complete the sale of substantially all of its assets to Comcast and Time Warner Inc.

Under terms of the revised, Adelphia's majority interests in the joint ventures -- Parnassos and Century-TCI -- will be sold to Comcast in connection with a confirmed Chapter 11 Plan of Reorganization that provides for payment in full to the creditors of the joint ventures.