Further Progress Toward Bankruptcy Resolution and Completion of Sale to
Time Warner and Comcast
GREENWOOD VILLAGE, Colo., Sept. 28 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed a third amended plan of
reorganization with the U.S. Bankruptcy Court for the Southern District of New
York, together with the related amended disclosure statement.
The filing represents continued progress toward a definitive outcome of
the Adelphia bankruptcy case. It is expected that a disclosure hearing will
commence in October, followed by creditor balloting and a confirmation hearing
to approve a final plan of reorganization.
"Over the past several months, we have worked closely with the relevant
constituents to balance their respective interests in an effort to achieve the
most value for the bankruptcy estate," said Bill Schleyer, chairman and CEO of
Adelphia. "We are pleased to keep the process moving ahead toward ultimate
resolution."
It is expected that significant negotiations will continue regarding the
terms of the proposed plan of reorganization and disclosure statement as the
constituents work through a number of inter-creditor issues. It is also
expected that the open issues noted in the document will result in material
changes to the proposed plan and disclosure statement.
On April 21, 2005, Adelphia announced that it has reached definitive
agreements for Time Warner Inc. (NYSE: TWX) and Comcast Corporation
(Nasdaq: CMCSA, CMCSK) to acquire substantially all the U.S. assets of
Adelphia for $12.7 billion in cash and 16 percent of the common stock of Time
Warner's cable subsidiary, Time Warner Cable Inc.
Copies of the amended plan and the amended disclosure statement are
available in the investor relations and press room sections of the Adelphia
corporate web site http://www.adelphia.com.
About Adelphia
Adelphia Communications Corporation is the fifth-largest cable television
company in the country. It serves customers in 31 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 Statements
This report 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 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
Attorney's Office for the Southern District of New York (the "U.S. Attorney"),
sale of Century/ML Cable Venture (the "Joint Venture"), 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 and Comcast Corporation is approved and consummated, 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, whether the proposed sale of the Joint Venture to San Juan Cable,
LLC is approved and 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 the heading "Risk Factors" in
the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2003. 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
CONTACT:
Media, Paul Jacobson, +1-303-268-6426, or
Erica Stull, +1-303-268-6502, or Investor Relations, Mark
Spiecker, +1-303-268-6545, all for Adelphia Communications
Corporation
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