Distressed cable company Adelphia is allowed to distribute $17bn (€13.2bn) in stock and cash owed to creditors after a US District Court judge lifted a stay on the company's bankruptcy plan.

A group of bondholders, including Bank of America and Lehman Brothers, last month appealed the company's plan to exit bankruptcy protection. Adelphia planned to distribute what is left of the company's estate, worth about $15bn, to bank lenders, creditors and bondholders and begin winding down its business.