GREENWOOD VILLAGE, Colo., Jan. 12 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today announced that it has been
informed by the Official Committee of Unsecured Creditors that the
Settlement Parties have extended the deadline for the Effective Date
contained in Section 12.2(c) of the First Modified Fifth Amended Joint
Chapter 11 Plan of Reorganization (the "Plan") from January 12, 2007 to
January 19, 2007.
The occurrence of the Effective Date of the Plan is subject to
conditions, many of which are outside the control of Adelphia. There can be
no assurance whether or when the Effective Date will occur.
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, 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, whether and on what
timetable a plan of reorganization under Chapter 11 of the Bankruptcy Code
will be consummated, whether all of the transactions contemplated by the
settlements with the SEC and the U.S. Attorney are 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:
Mark Spiecker of Adelphia Communications
Corporation, +1-303-268-6545
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