GREENWOOD VILLAGE, Colo., Oct. 12 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed a revised draft of the
Second Disclosure Statement Supplement to its Fourth Amended Disclosure
Statement with the United States Bankruptcy Court for the Southern District
of New York (the "Bankruptcy Court"). The revised draft of the Disclosure
Statement Supplement relates to the modified draft of Adelphia's Fifth
Amended Joint Chapter 11 Plan of Reorganization that was filed with the
Bankruptcy Court on October 11, 2006.
Adelphia and the Official Committee of Unsecured Creditors are seeking
an order of the Bankruptcy Court approving the revised draft of the
Disclosure Statement Supplement as containing "adequate information" to
enable Adelphia's Chapter 11 bankruptcy creditors and equity holders to
make an informed judgment about the modified draft of the Fifth Amended
Plan. The Bankruptcy Court commenced the hearing on the Disclosure
Statement Supplement on September 12, 2006. The hearing is currently
scheduled to continue on Friday, October 13, 2006.
Adelphia and the Official Committee of Unsecured Creditors remain
co-proponents of the modified draft of the Fifth Amended Plan. In addition,
the two bank administrative agents with which settlements have been reached
will continue to be co-proponents of the modified draft of the Fifth
Amended Plan with respect to the treatment of bank claims under the credit
agreements for which they are agents.
Adelphia's proposal and prosecution of confirmation of the modified
draft of the Fifth Amended Plan still is subject in all respects to entry
of an order approving the Disclosure Statement Supplement, as well as
Bankruptcy Court authorization for Adelphia to propose and seek votes in
respect of the modified draft of the Fifth Amended Plan. If this order is
entered and such authorization is granted, Adelphia, the Official Committee
of Unsecured Creditors and the relevant bank administrative agents will
begin the process of soliciting creditors and equity holders to vote on the
modified draft of the Fifth Amended Plan.
Copies of the modified draft of the Fifth Amended Plan and the revised
draft of the Disclosure Statement Supplement are available in the investor
relations section 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 draft of the Fifth Amended Plan.
About Adelphia
Prior to the sale of substantially all of the consolidated assets of
Adelphia to Time Warner NY Cable LLC ("TW NY") and Comcast Corporation
("Comcast") on July 31, 2006 (the "Sale Transaction"), 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
and any post-closing purchase price adjustments related to the sale
transactions 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 Company's pending bankruptcy proceeding, 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,
whether and on what timetable a plan of reorganization under Chapter 11 of
the Bankruptcy Code will be confirmed and consummated, whether the
transactions contemplated by the 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 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 June 30, 2006
and in the Company's Second Disclosure Statement Supplement, filed with the
Bankruptcy Court on September 27, 2006, which is available in the investor
relations section of the Company's website at http://www.adelphia.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.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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