GREENWOOD VILLAGE, Colo., Dec. 12 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) today filed a draft of the First
Modified Fifth Amended Joint Chapter 11 Plan of Reorganization (the "Plan")
with the United States Bankruptcy Court for the Southern District of New
York (the "Bankruptcy Court"), marked to show changes against the version
filed with the Bankruptcy Court on October 16, 2006. The revised draft of
the Plan shows proposed modifications reflecting settlements that have been
reached with Bank of America, N.A., certain classes of Bank Syndicate
Claims, and the Class of FrontierVision Holdco Notes Claims, and also
contains changes to clarify certain sections of the Plan and to resolve
certain objections made to confirmation of the Plan. The Plan is subject to
approval of the Bankruptcy Court. The hearing to consider confirmation of
the Plan commenced on December 7, 2006.
Copies of the revised draft of the Plan are available at the following
website: http://www.adelphiarestructuring.com. Information contained on
this website is not incorporated by reference into this press release. This
press release is not intended to be, nor should it be construed as, a
solicitation for a vote on the 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 transactions with
TW NY and Comcast, 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
 back to top
Related links:
http://www.adelphiarestructuring.com
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
|
