Viking Freight, Inc.
Quest Turnaround Advisors, LLC ("Quest") was retained by the Unsecured Creditors Committee of Adelphia Communications Corporation ("Adelphia") in August 2006 as a special advisor. In February 2007, Quest was retained by Adelphia as the Plan Administrator upon consummation of Adelphia's Plan of Reorganization ("the Plan"). In its role as Plan Administrator, Quest replaced Adelphia's board of directors, as well as its senior management and assumed total responsibility for establishing and maintaining Adelphia's assets, accounts, reserves and escrows, determining the amount and timing of Plan Distributions and otherwise implementing the Plan.
In so doing Quest was required to:
Under Quest’s management, Adelphia distributed a total of $14.9 billion, $13.9 billion to banks and holders of allowed claims ($13.2 billion within one year) and approximately $1 billion for other payments required under the plan. Approximately $1.9 billion more than was projected in the Disclosure Statement was distributed to holders of allowed claims. Subsidiary creditors received 100% of the face amount of their claims plus post petition interest. Creditors of the parent have received more than 70% face amount of their claims. Adelphia creditors may receive further distributions after resolution of remaining assets.
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