| Court = Approves=20 $500 Million of Adelphia Financing | |
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Earlier in the day, Judge Robert Gerber of the U.S. Bankruptcy Court = in the=20 Southern District of New York had said he was inclined to approve the = first=20 portion of the $1.5 billion debtor-in-possession financing, pending the=20 completion of some language changes to accommodate the preferred = shareholder=20 committee and other parties.=20
The company, which filed for bankruptcy protection under Chapter 11 = of the=20 U.S. Bankruptcy Code in Manhattan, reached an agreement with its lenders = for the=20 financing package led by J.P. Morgan Chase & Co. (JPM.N) and = Citigroup Inc.=20 (C.N).=20
A hearing on the approval of the remaining $1 billion is scheduled = for August=20 9.=20
The company filed for bankruptcy protection from creditors following =
months=20
of disclosures of off-balance sheet loans to its founding Rigas family, =
missed=20
interest payments, overstatement of earnings, and regulatory and =
criminal probes=20
of its accounting.