Aug. 27 (Bloomberg) -- A group of Adelphia Communications Corp. creditors asked a judge to liquidate the company and its affiliates to speed payments to all creditors.

Wachovia Corp., PNC Bank, Calyon and others asked U.S. Bankruptcy Judge Robert Gerber in New York to convert the bankruptcy cases of Adelphia and some affiliates to a Chapter 7 liquidation. A court-appointed trustee would oversee the liquidation of the cable TV operator and develop a plan to distribute proceeds to creditors.

The move would accelerate the end of Adelphia's case and allow stakeholders to be paid more quickly, the creditors said in an Aug. 25 Bankruptcy Court filing. Adelphia's pursuit of its own plan has been slowed by a dispute between creditor groups over how to distribute the proceeds of the company's $17.6 billion asset sale to Time Warner Inc. and Comcast Corp.

``There is no just cause for continued delay to the distribution of cash,'' Andrew Brozman, a lawyer for Calyon, the investment-banking arm of Paris-based Credit Agricole SA, France's biggest bank, said in court papers. ``The distribution to creditors by a dispassionate Chapter 7 trustee will insure a quicker, more efficient and less costly alternative to the bottomless bog of the Adelphia cases.''

Adelphia spokesman Paul Jacobson declined to comment.

Bankruptcy in 2002

The company filed the 11th biggest bankruptcy in U.S. history in June 2002. The filing followed an accounting fraud led by founder John Rigas and his son Timothy Rigas. Both were convicted in July 2004 of conspiracy and securities fraud.

Adelphia is selling all its assets and will no longer conduct business.

The Greenwood Village, Colorado-based company has proposed several plans to repay creditors, all of which have received at least some opposition. The company is scheduled to seek approval of the fifth version of its plan in October.

Along with Calyon, PNC and Wachovia, creditors seeking to convert the cases include Societe Generale SA, Bank of Montreal, CIBC Inc. and ABN Amro Bank NV, according to court documents.

The bankruptcy case is In re Adelphia Communications Corp., 02-41729, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Tom Becker in U.S. Bankruptcy Court in New York at tbecker5@bloomberg.net.

Last Updated: August 27, 2006 16:57 EDT