Adelphia Now Poised for Aggressive Auction

    GREENWOOD VILLAGE, Colo., July 14 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) has selected UBS Investment Bank LLC
and Allen & Company LLC as its financial advisors and Sullivan & Cromwell LLP
as its legal advisors for the sale of the company, which is operating
currently under Chapter 11 protection of the bankruptcy code.  The selections
are subject to review and approval by the United States Bankruptcy Court for
the Southern District of New York (case number 02-41729).
    As previously announced on April 22, Adelphia is exploring the sale of the
company in order to maximize the value for the bankruptcy estate.
    "The selection of these outstanding advisors paves the way for a robust
and organized sale process," said Bill Schleyer, chairman and CEO of Adelphia.
"Although the selection was slowed somewhat by the constraints of the
bankruptcy process, the company has been working diligently for the past
several months preparing all the necessary information and documentation to
facilitate the sale and accelerate the auction process.  Under the leadership
of this advisory group, we will continue to prepare the company to be sold.
Once court approval for their retention is obtained, we will launch the
official sale process."
    Schleyer added, "The UBS/Allen/S&C team brings together a uniquely
qualified skill set of cable and merger and acquisition experts with billions
of dollars in transactional experience.  We are confident that this team will
work closely with our management and Board of Directors to create the best
possible outcome for our constituents."
    As it has from the start, the New York-based law firm Willkie Farr &
Gallagher LLP will continue as Adelphia's lead legal counsel for the Chapter
11 Bankruptcy process.  Lazard Freres & Co. LLC will continue to provide
financial advice to the company on its potential reorganization.

    About Adelphia
    Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest
cable television company in the country.  It serves customers in 30 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 the Company's pending bankruptcy proceeding, 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 any process to sell the Company or its
assets, customer response to repackaged services, 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.

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