GREENWOOD VILLAGE, Colo., Jan. 9 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed the "Plan Supplement" to
the company's fourth amended plan of reorganization with the U.S. Bankruptcy
Court for the Southern District of New York.
This filing is called for in Section 15.07 of Adelphia's fourth amended
plan of reorganization and contains forms (which remain subject to change) of
various "Plan Documents" related to the plan.
On April 21, 2005, Adelphia announced that it had reached definitive
agreements for Time Warner Inc. (NYSE: TWX) and Comcast Corporation
(Nasdaq: CMCSA, CMCSK) to acquire substantially all the U.S. assets of
Adelphia for approximately $12.7 billion in cash and shares expected to
represent, subject to certain assumptions, 16 percent of the common stock of
Time Warner's cable subsidiary, Time Warner Cable Inc.
Copies of the "Plan Supplement," the fourth amended plan of reorganization
and the related amended disclosure statement are available in the investor
relations and press room sections of the Adelphia corporate web site
http://www.adelphia.com.
About Adelphia
Adelphia Communications Corporation is the fifth-largest cable television
company in the country. It serves customers in 31 states and offers analog
and digital video services, high-speed Internet access and other advanced
services over Adelphia's broadband networks.
Cautionary Statement Regarding Forward-Looking Statements
This report includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements regarding the
Company's and its subsidiaries' and affiliates' expected future financial
position, results of operations, cash flows, sale of the Company, 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"),
sale of Century/ML Cable Venture, restructuring and financing plans, expected
emergence from bankruptcy, business strategy, budgets, projected costs,
capital expenditures, network upgrades, products and services, competitive
positions, growth opportunities, plans and objectives of management for future
operations, 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 whether the
proposed sale of the Company's assets to Time Warner NY Cable LLC and Comcast
Corporation is approved and consummated, whether the transactions contemplated
by the proposed settlements with the SEC and the U.S. Attorney and any other
agreements needed to effect those transactions are consummated, the Company's
pending bankruptcy proceeding, results of litigation against the Company,
results and impacts of the proposed sale of the Company's assets, the effects
of government regulation including the actions of local cable franchising
authorities, the availability of financing, actions of the Company's
competitors, pricing and availability of programming, equipment, supplies and
other inputs, the Company's ability to upgrade its broadband network,
technological developments, changes in general economic conditions, and those
discussed under the heading "Risk Factors" in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2004. 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
Company News On-Call:
http://www.prnewswire.com/comp/010150.html
CONTACT:
Media, Paul Jacobson, +1-303-268-6426, or
Investors, Mark Spiecker, +1-303-268-6545, both of Adelphia
Communications Corporation
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