GREENWOOD VILLAGE, Colo., Dec. 2 /PRNewswire-FirstCall/ -- Results of
the voting on the Adelphia Communications Corporation (OTC: ADELQ) Fifth
Amended Joint Plan of Reorganization (the "Plan") were filed today with the
United States Bankruptcy Court for the Southern District of New York. The
deadline for voting on the Plan was November 20, 2006 for beneficial
holders holding securities through intermediaries and November 27, 2006 for
all other parties in interest.
The voting results show broad-based support for the Plan. On an
aggregate basis, 25 of the 30 classes voting on the Plan voted to accept
the Plan, including the classes representing the ACC Senior Notes and the
ACC Subordinated Notes. The holder of claims in the Century Bank
Administrative Agent Class has been given an extension until Monday,
December 4, 2006 to vote on the Plan with respect to all of its claims.
Four classes failed to accept the Plan. Of the non-accepting classes, three
are classes of Bank Syndicate Claims with whom the Debtors have entered
into a stipulation permitting the holders of Claims to change their votes
prior to commencement of the confirmation hearing, subject to extension by
the proponents. The fourth non-accepting class is the Class of
FrontierVision Holdco Notes Claims. While a majority of the holders of
Claims in that Class voted to accept the Plan, under applicable bankruptcy
law, the Class of FrontierVision Holdco Note Claims did not accept the Plan
because less than two thirds in dollar amount of the allowed claims in the
Class voted to accept the Plan.
The company stated that: "We are pleased at the broad support for the
Plan among many different classes of creditors throughout the Company's
capital structure. The Co-Proponents intend to commence the hearing to
consider confirmation of the Plan as scheduled on Thursday, December 7,
2006 before the Honorable Robert J. Gerber in the United States Bankruptcy
Court for the Southern District of New York."
The voting results are available at the following website:
http://www.adelphiarestructuring.com. Information contained on this website
is not incorporated by reference into this press release. Ballots were
cast, and votes were tabulated in the report, separately for each of the
more than 200 affiliated debtors jointly administered with Adelphia. The
figures in this press release are condensed to reflect the aggregation,
where appropriate, of such separate ballots.
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 September 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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