Company Working to Address Disclosure Statement Objections
GREENWOOD VILLAGE, Colo., Nov. 8 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed a draft fourth amended
plan of reorganization with the U.S. Bankruptcy Court for the Southern
District of New York together with a related draft amended disclosure
statement.
These filings represent the company's responses and proposed resolutions
to many of the objections that had been filed to approval of the company's
disclosure statement. The hearing to consider approval of the disclosure
statement commenced on October 27 and 28, 2005 and is scheduled to resume on
Thursday, November 10.
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, and that it is
therefore possible that there will be material changes to the proposed plan of
reorganization and the disclosure statement.
On April 21, 2005, Adelphia announced that it had 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 draft amended plan and the draft 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 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, 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,
2004. 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
Investor Relations, Mark Spiecker, +1-303-268-6545, both of
Adelphia Communications Corporation
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