Information on Effective Date Distributions
Quest Turnaround Advisors, L.L.C. Assumes Plan Administrator Duties
GREENWOOD VILLAGE, Colo., Feb. 13 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation announced today that the Effective Date of its
First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of
Adelphia Communications Corporation and Certain Affiliated Debtors, dated
as of January 3, 2007, as Confirmed, occurred today, February 13, 2007.
Included as Exhibit A to this Press Release is a chart summarizing the
initial distributions of cash, shares of Time Warner Cable Class A Common
Stock and CVV Interests being made to certain classes of Claims. Actual
distributions may vary due to rounding. In order to calculate the number of
initial shares being distributed, a deemed value of $34.63 per share of
Time Warner Cable Class A Common Stock was used. The chart in Exhibit A
also contains an estimate of the number of additional shares of TWC Class A
Common Stock distributable in connection with the True Up Mechanism
contained in the Plan at three sample assumed potential values for the TWC
Class A Common Stock. The chart in Exhibit A does not reflect additional
distributions that may be made over time as a result of the release of
escrows, reserves and holdbacks. The amount and timing of such
distributions pursuant to the True Up Mechanism and as a result of the
release of the escrows, reserves and holdbacks are subject to the terms and
conditions of the Plan and numerous other conditions and uncertainties,
many of which are outside the control of Adelphia and its subsidiaries.
The CVV Interests are units in a trust pursuing certain claims against
third party lenders, accountants and other parties. The chart in Exhibit A
also contains an estimate of the aggregate number of each class of CVV
Interests being issued, excluding additional CVV Interests that may be
issued in respect of Claims that are disputed as of the Effective Date.
Included as Exhibit B to this Press Release is a chart summarizing the
initial distributions being made to certain classes of Equity Interests
under the Plan.
Pursuant to the Plan, on the Effective Date, each Debtor's board of
directors was deemed removed and Quest Turnaround Advisors, L.L.C. and its
designees assumed the responsibility for, among other things, managing the
Debtors and implementing the Plan.
The Company also announced that today it intends to file a Form 15 to
suspend its reporting obligations under the Securities Exchange Act of
1934.
Creditor inquiries regarding distributions under the Plan should be
directed to creditor.inquiries@adelphia.com.
Exhibits A and B summarizing the initial distributions being made to
certain classes of Claims and Equity interests under the Plan will be
available shortly at http://www.adelphiarestructuring.com under the
"important documents" section.
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 administration of the Plan, 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 all of the transactions contemplated by the
settlements with the SEC and the U.S. Attorney are consummated, the
Company's administration of the Plan, the tax effects of various aspects of
the Plan, 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 at the restructuring website at
http://www.adelphiarestructuring.com. Information contained on this
Internet website or 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, +1-303-268-6304,
mark.spiecker@adelphia.com
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