GREENWOOD VILLAGE, Colo., Oct. 16 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed revised drafts of the
Fifth Amended Joint Chapter 11 Plan of Reorganization and the related
Second Disclosure Statement Supplement, including position statements of
certain creditors and creditor groups annexed thereto as Exhibits AA
through GG, with the United States Bankruptcy Court for the Southern
District of New York (the "Bankruptcy Court").
Copies of the revised drafts of the Fifth Amended Plan and related
Second Disclosure Statement Supplement, including the position statements
to be annexed as Exhibits AA through GG, are available in the investor
relations section of the Adelphia corporate website at 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 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 October 16, 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 and Investor Relations, Mark Spiecker
of Adelphia Communications Corporation, +1-303-268-6545
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