GREENWOOD VILLAGE, Colo., Aug. 17 /PRNewswire/ -- Adelphia
Communications Corporation announced today subsequent distributions of $531
million in cash and 6,453,341 shares of TWC Class A Common Stock to holders
of Allowed Claims against the parent Adelphia Communications Corporation
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
6,453,341 shares of TWC Class A Common Stock to be distributed have a
"Deemed Value" under the Plan of $244 million and a fair market value as of
August 16, 2007 (based on the closing price on that date) of $220 million.
A chart summarizing the distribution of cash and shares of TWC Class A
Common Stock to be made to classes of ACC Claims is available in the
important documents section of the Company's website at
http://www.adelphiarestructuring.com. The chart 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 as a result of the release of 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.
Creditor inquiries regarding distributions under the Plan should be
directed to creditor.inquiries@adelphia.com.
About Adelphia
The Effective Date of the Adelphia Plan of Reorganization occurred on
February 13, 2007. Adelphia Communications Corporation continues under the
management of Quest Turnaround Advisors, LLC, its Plan Administrator, to
liquidate its assets and administer its plan of reorganization. Prior to
the sale of substantially all of the consolidated assets of Adelphia to
Time Warner NY Cable LLC and Comcast Corporation on July 31, 2006, 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
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 currently available in the important documents
section of the Company's website at http://www.adelphiarestructuring.com.
Information contained on 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.adelphiarestructuring.com
http://www.prnewswire.com/comp/010150.html/
CONTACT:
Mark Spiecker, +1-303-268-6545, for Adelphia
Communications Corporation
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