GREENWOOD VILLAGE, Colo., Feb. 15 /PRNewswire/ -- Adelphia
Communications Corporation announced today the number of outstanding units
in the various series of interests in the Adelphia Contingent Value Vehicle
("CVV"), which are set forth in a chart included as Exhibit A to this Press
Release. The CVV is a Delaware Statutory Trust that was formed pursuant to
the 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 (the "Adelphia Plan of Reorganization")
to hold certain litigation claims against Adelphia's third party lenders
and accountants and other parties. Each series of CVV Interests has the
rights and priorities relative to the other series of CVV Interests
determined in accordance with the Adelphia Plan of Reorganization.
Inquiries regarding the CVV Interests should be directed to
creditor.inquiries@adelphia.com.
About Adelphia
The Effective Date of the Adelphia Plan of Reorganization occurred on
February 13, 2007. 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.
In addition, all statements regarding the CVV's expected sources and
uses of cash, income tax positions, and future course of the administration
of the CVV, 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
CVV's expectations. The CVV 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 outcome
of the litigation that constitutes the CVV's principal assets and the tax
treatment of the CVV. Many of these factors are outside of the CVV's
control.
EXHIBIT A
INFORMATION ON DISTRIBUTION TO CERTAIN CLASSES OF CLAIMS
The following chart summarizes the estimated number of CVV Units issued
and reserved for issuance pursuant to the terms of the CVV's Declaration of
Trust and the Adelphia Plan of Reorganization.
Number of
Estimated Units Reserved Estimated
Number of for Disputed Total Number
Units and Other of
Series CUSIP Outstanding (1) Claims (2) Units (2)
RF 00685R847 115,000,000 0 115,000,000
Arahova 00685R102 722,639,670 0 722,639,670
FrontierVision (3) 00685R201 86,600,000 0 86,600,000
FPL 00685R862 25,575,129 0 25,575,129
Olympus 00685R300 17,000,000 0 17,000,000
ACC-1 00685R409 4,839,988,173 0 4,839,988,173
ACC-2 00685R508 83,887,174 247,408,818 331,295,992
ACC-3 00685R607 46,129,088 223,573,904 269,702,992
ESL 00685R854 0 17 17
ACC-4 00685R706 1,790,968,271 0 1,790,968,271
ACC-5 00685R805 0 458 458
ACC-6B 00685R839 150,000,000 0 150,000,000
ACC-6B1 00685R821 0 3 3
ACC-6D 00685R813 575,000,000 0 575,000,000
ACC-6D1 00685R797 0 4 4
ACC-6EF 00685R789 935,812,454 0 935,812,454
ACC-6EF1 00685R771 0 5 5
ACC-7 00685R870 229,787,271 0 229,787,271
ACC-7A 00685R763 19,293,139 464 19,293,603
1. This estimated number of Units includes Units issued or to be issued in
connection with Initial Distributions under the Adelphia Plan of
Reorganization.
2. With respect to Series ESL, ACC-5, ACC-6B1, ACC-6D1, ACC-6EF1, and
ACC-7A, one Unit has been reserved with respect to each holder of a
Disputed Claim under the Adelphia Plan of Reorganization; therefore, it
is possible that upon resolution of such Disputed Claims additional
Units could be issued. With respect to all other Series of CVV
Interests, the number of reserved Units is the maximum number of
additional Units that is reasonably expected to be issued if all
Disputed Claims to which such Units relate were Allowed.
3. The estimated number of Units for FrontierVision has been corrected
since the press release issued by the Company on February 13, 2007.
The correct number of Units for FrontierVision Series A is 62,567,076
and for FrontierVision Series B is 24,032,924. The aggregate number of
Units for the class and the amount of Units issued per $1,000 of
principal amount did not change. The February 13, 2007 press release
available on the restructuring website at http://www.adelphiarestructuring.com
has been updated to reflect the corrected numbers.
SOURCE Adelphia Communications Corporation
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