GREENWOOD VILLAGE, Colo., Jan. 5 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) announced today that the United
States Bankruptcy Court for the Southern District of New York entered an
order confirming the First Modified Fifth Amended Joint Chapter 11 Plan of
Reorganization of Adelphia Communications Corporation and Certain
Affiliated Debtors. Under the Federal Rules of Bankruptcy Procedure, the
order is subject to a stay pending appeal, which will expire on January 16,
2007, unless an additional stay is granted by an appellate court. If no
additional stay is issued, Adelphia expects the Plan of Reorganization to
become effective on January 17, 2007.
Adelphia intends to set the close of business on January 10, 2007 as
the record date for distributions for holders of claims in the Bank Claims
Classes, Trade Claims Classes, and Other Unsecured Claims Classes. Adelphia
intends to set the record date for holders of claims in Notes Claims
Classes and holders of Equity Interests as the close of business on January
17, 2007. These record dates are subject to change if the Plan is not
effective on or about January 17, 2007.
William T. Schleyer, Chairman and Chief Executive Officer of Adelphia
remarked that "the entry of the confirmation order is another major
milestone in our over four and a half year journey to resolve the Adelphia
bankruptcy and deliver the maximum possible recovery to Adelphia's
stakeholders. We could not have achieved confirmation without the
cooperation of the stakeholders and the hard work of the many dedicated
Adelphia employees and outside professionals. We look forward to the Plan
going effective and being able to put the substantial recoveries we have
achieved in the hands of our stakeholders."
The effectiveness of the Plan of Reorganization is subject to a number
of conditions, many of which are outside the control of Adelphia, and there
can be no assurance as to whether or when the Plan will become effective.
About Adelphia
Prior to the sale of substantially all of the consolidated assets of
Adelphia to Time Warner NY Cable LLC ("TW NY") and Comcast Corporation
("Comcast") on July 31, 2006 (the "Sale Transaction"), Adelphia
Communications Corporation was the fifth largest cable television company
in the country. It served customers in 31 states and offered analog and
digital video services, high-speed Internet access and other advanced
services over its broadband networks.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements. All statements
regarding the Company's and its subsidiaries' and affiliates' expected
sources and uses of cash, income tax positions, indemnification obligations
and any post-closing purchase price adjustments related to the Sale
Transaction with TW NY and Comcast, settlements with the Securities and
Exchange Commission (the "SEC") and the United States Attorney's Office for
the Southern District of New York (the "U.S. Attorney") and future course
of the Company's pending bankruptcy proceeding, as well as statements that
include words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will" and other similar
expressions, are forward-looking statements. Such forward-looking
statements are inherently uncertain, and readers must recognize that actual
results may differ materially from the Company's expectations. The Company
does not undertake a duty to update such forward-looking statements.
Factors that may cause actual results to differ materially from those in
the forward-looking statements include the potential costs and impacts of
the transactions and obligations associated with the Sale Transaction with
TW NY and Comcast, whether and on what timetable a plan of reorganization
under Chapter 11 of the Bankruptcy Code will be consummated, the Company's
pending bankruptcy proceeding, results of litigation against the Company,
results and impacts of the sale of the Company's assets and those discussed
under Item 1A, "Risk Factors," in the Company's Quarterly Report on Form
10-Q for the period ended September 30, 2006 and in the Company's Second
Disclosure Statement Supplement, filed with the Bankruptcy Court on October
16, 2006, which is available in the investor relations section of the
Company's website at http://www.adelphia.com. Information contained on the
Company's Internet website is not incorporated by reference into this press
release. Many of these factors are outside of the Company's control.
SOURCE Adelphia Communications Corporation
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Related links:
http://www.adelphia.com
http://www.prnewswire.com/comp/010150.html/
CONTACT:
Media and Investor Relations, Mark Spiecker
of Adelphia Communications Corporation, +1-303-268-6545
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