A group of creditor banks of Adelphia Communications have asked a bankruptcy judge to expedite creditor payments by liquidating the assets of the scandal-ridden cable concern.Creditors including Wachovia and PNC asked Judge Robert E. Gerber of Federal Bankruptcy Court here to convert the bankruptcy cases of Adelphia and some affiliates from a reorganization to a wholesale Chapter 7 liquidation.
Under the proposal, a trustee appointed by the court would oversee the liquidation and develop a plan to distribute the proceeds to creditors.
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