NEW YORK, June 27 (UPI) -- Creditors of bankrupt Adelphia Communications Corp. of Colorado would get more than $9 billion in a newly filed revised reorganization plan.
The distribution of the money would come ahead of Adelphia's asset sale to Time Warner Inc. and Comcast Corp., the Wall Street Journal reported Monday.
Adelphia, which has been in bankruptcy for three years, said it expects to face "significant negotiations" with creditors, even if the revised plan the company filed with a New York court is approved.
The company sought Chapter 11 protection from its creditors after disclosing accounting problems. Its founder, John Rigas, and others were accused of looting the company.
Rigas, 80 years old, was sentenced to 15 years in prison this month.
Timothy Rigas, the elder Rigas's 49-year-old son and a former Adelphia executive, was sentenced to 20 years in prison.
