February 25, 2004
Willkie client cable giant Adelphia Communications files reorganization plan, securing an $8.8 billion financing package to fund its Chapter 11 exit facility.
On February 25, Willkie client cable giant Adelphia Communications filed a reorganization plan, securing an $8.8 billion financing package to fund its Chapter 11 exit facility. The March 11 edition of Legal Week reports that partners Marc Abrams, Maurice Lefkort and Cornelius Finnegan led the team advising Adelphia. Mr. Abrams told Legal Week “This is among the largest - if not the largest - exit facilities in the history of corporate reorganization.” The article states further that “Willkie Farr, which has built its top-tier insolvency practice around advising debtors, has been involved with the company’s bankruptcy since it filed for Chapter 11 in 2002.” Adelphia received commitments form JP Morgan Chase, Credit Suisse First Boston, Citigroup and Deutsche Bank to finance its Chapter 11 reorganization, which was filed in early March in Bankruptcy Court for the Southern District of New York.
