DENVER, Sept. 9 /PRNewswire/ -- Adelphia Communications Corporation
announced today subsequent distributions of $134 million in cash and
1,059,015 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 "Plan"). The 1,059,015 shares of
TWC Class A Common Stock to be distributed have a fair market value as of
September 8, 2008 (based on the closing price on that date) of $29 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 Plan occurred on February 13, 2007. Adelphia
Communications Corporation continues under the management of Quest
Turnaround Advisors, LLC, the 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, 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 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
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Related links:
http://www.adelphia.com
http://www.adelphiarestructuring.com
http://www.prnewswire.com/comp/010150.html/
CONTACT:
Media Relations, Mary Palmquist,
+1-303-268-6545, for Adelphia
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