Adelphia Announces Change in Record Date for Distributions to Holders of Notes Claims and Equity Interests
22 January 2007
Adelphia Communications Corporation (OTC: ADELQ) today announced that the record date for distributions to holders of (i) Notes Claims and (ii) Equity Interests, which was previously designated as January 17, 2007 at 4:00 p.m. (Eastern Standard Time) will be changed to a date to be determined. Such date will be set forth in a subsequent notice to be filed with the United States Bankruptcy Court for the Southern District of New York. January 10, 2007 at 4:00 p.m. (Eastern Standard Time) will remain the distribution record date for holders of all Claims other than Notes Claims and Equity Interests under the First Modified Fifth Amended Joint Chapter 11 Plan for Adelphia Communications Corporation and Certain of its Affiliated Debtors, dated as of January 3, 2007, as Confirmed (the "Adelphia Plan of Reorganization").
Distributions in respect of Claims and Equity Interests under the Adelphia Plan of Reorganization are contingent upon the occurrence of the Effective Date. The occurrence of the Effective Date is subject to conditions, many of which are outside the control of Adelphia, including that the Effective Date occur by January 19, 2007 (the "Outside Date"). The Outside Date may be extended by the Settlement Parties (as defined in the Adelphia Plan of Reorganization). There can be no assurance as to whether the Settlement Parties will extend the Outside Date, or whether or when the Effective Date will occur.
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 Transaction, 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 consummated, whether all of the transactions contemplated by the settlements with the SEC and the U.S. Attorney 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: prnewswire
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