Adelphia Announces Temporary Extension of the Stay of the Confirmation Order

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Adelphia Announces Temporary Extension of the Stay of the Confirmation Order
    GREENWOOD VILLAGE, Colo., Jan. 16 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today announced that the United
States District Court for the Southern District of New York (the "District
Court") has temporarily extended the 10-day stay of the order confirming
the Adelphia Plan of Reorganization (the "Confirmation Order") to a day
early next week in order to give the District Court adequate time to
adjudicate a pending motion for a stay of the Confirmation Order pending
appeal. The Confirmation Order confirming the First Modified Fifth Amended
Joint Chapter 11 Plan for Adelphia Communications Corporation and Certain
of its Affiliated Debtors, dated as of January 3, 2007, as Confirmed (the
"Adelphia Plan of Reorganization") was entered by the United States
Bankruptcy Court for the Southern District of New York on January 5, 2007.
    The occurrence of the Effective Date of the Adelphia Plan of
Reorganization is subject to conditions, many of which are outside the
control of Adelphia, including that the Effective Date occur by January 19,
2007 (the "Outside Date"). The Outside Date may be extended by the
Settlement Parties (as defined in the Adelphia Plan of Reorganization).
There can be no assurance as to whether the Settlement Parties will extend
the Outside Date, or 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
http://www.adelphia.com
http://www.prnewswire.com/comp/010150.html/
CONTACT:
Media and Investor Relations, Mark Spiecker,
Adelphia Communications, +1-303-268-6545