GREENWOOD VILLAGE, Colo., Feb. 4 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed an amended plan of
reorganization with the U.S. Bankruptcy Court for the Southern District of New
York, together with the related amended disclosure statement.
Among other things, the amended plan formally facilitates the sale process
by allowing for the distribution of sale consideration to Adelphia's creditors
upon a sale of all or a portion of Adelphia's assets. At the same time, the
plan preserves Adelphia's ability to emerge from Chapter 11 bankruptcy as an
independent entity. The amended plan also adds provisions designed to
facilitate potential compromises of outstanding inter-creditor disputes and
governmental settlement demands in the context of a potential global
settlement.
"Our goal of maximizing value for all constituents remains our number one
priority, and to that end, we remain focused on the dual track of selling the
Company or emerging from bankruptcy as an independent company," said Bill
Schleyer, chairman and CEO of Adelphia. "Today's filing reflects our
continued progress towards this goal and evidences our efforts to balance
input from our many constituents."
As previously announced, Adelphia is conducting a sale process for the
Company as a whole or in seven strategic clusters. The Company is in the
process of reviewing bids received in its sale process and anticipates,
following negotiations with the bidders, announcing the results of the sale
process sometime before the end of the first quarter.
Copies of the amended plan of reorganization and the amended disclosure
statement are available on the Adelphia corporate web site at
http://www.adelphia.com/about/por.cfm.
About Adelphia
Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest
cable television company in the country. It serves customers in 31 states and
Puerto Rico, 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 Information
This document 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
Adelphia Communications Corporation's and its subsidiaries' and affiliates'
(collectively, the "Company") expected future financial position, results of
operations, cash flows, process for sale of the Company, 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 those discussed under the heading "Risk Factors" in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2003, and in
the Company's Amended Disclosure Statements, the Company's pending bankruptcy
proceeding and its ongoing sale process, results of litigation against the
Company and government investigations of the Company, the effects of
government regulation including the actions of local cable franchising
authorities, the availability of financing, actions of the Company's
competitors, results and impacts of the process to sell the Company or its
assets, pricing and availability of programming, equipment, supplies, and
other inputs, the Company's ability to upgrade its network, technological
developments, and changes in general economic conditions. 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/about/por.cfm
CONTACT:
Media, Paul Jacobson, +1-303-268-6426, or
Erica Stull, +1-303-268-6502, or Investor Relations, Jeff Lawton,
+1-303-268-6419, all of Adelphia Communications Corporation
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