NEW YORK, April 28 /PRNewswire-FirstCall/ -- On April 28, 2006,
Adelphia Communications Corporation (OTC: ADELQ) filed its Modified Fourth
Amended Joint Plan of Reorganization and the related Supplement to the
Fourth Amended Disclosure Statement with the United States Bankruptcy Court
for the Southern District of New York. Prior drafts of these documents were
filed on April 26, 2006.
The Bankruptcy Court today entered an order approving the Supplement to
the Disclosure Statement as containing "adequate information" to enable the
company's Chapter 11 bankruptcy creditors and equity holders to make an
informed judgment about the company's Modified Plan of Reorganization.
Adelphia will now begin the process of soliciting its creditors and
equity holders to vote on the Modified Plan of Reorganization.
Copies of the Modified Plan and related Disclosure Statement Supplement
are available in the investor relations and press room sections of the
Adelphia corporate website http://www.adelphia.com. This press release is not
intended to be, nor should it be construed as, a solicitation for a vote on
the Modified Plan.
Adelphia Communications Corporation is the fifth-largest cable
television company in the country. It serves customers in 31 states 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 Statements
This report includes forward-looking statements. All statements
regarding the Company's and its subsidiaries' and affiliates' expected
future financial position, results of operations, cash flows, sale of the
Company, settlements with the Securities and Exchange Commission (the
"SEC") and the United States Attorneys' Office for the Southern District of
New York (the "U.S. Attorney"), 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 whether the proposed sale of the Company's assets to
Time Warner NY Cable LLC ("Time Warner") and Comcast Corporation
("Comcast") is approved and consummated, whether the Modified Plan is
confirmed and consummated in time to close the sale of such assets to Time
Warner and Comcast, whether the transactions contemplated by the proposed
settlements with the SEC and the U.S. Attorney and any other agreements
needed to effect those transactions are consummated, the Company's pending
bankruptcy proceeding, results of litigation against the Company, results
and impacts of the proposed sale of the Company's assets, the effects of
government regulation including the actions of local cable franchising
authorities, the availability of financing, actions of the Company's
competitors, pricing and availability of programming, equipment, supplies
and other inputs, the Company's ability to upgrade its broadband network,
technological developments, changes in general economic conditions and
those discussed under Item 1A, "Risk Factors" in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2005 and in the
Disclosure Statement Supplement, which is posted on the Company's website,
http://www.adelphia.com. Information contained on our 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:
Media, Paul Jacobson, +1-303-268-6426, or
Investor Relations, Mark Spiecker, +1-303-268-6545, both of
Adelphia Communications Corporation
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