GREENWOOD VILLAGE, Colo., Dec. 2 /PRNewswire-FirstCall/ -- Results of the voting on the Adelphia Communications Corporation 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.
