Adelphia Advisors ApprovedAdelphia Advisors Approved

GREENWOOD VILLAGE, Colo. -- The United States Bankruptcy Court for the Southern District of New York today gave its final approval to the hiring of UBS Investment Bank and Allen & Company LLC as financial advisors for the Adelphia Communications Corporation sale process.

"We are pleased that the Court has approved UBS and Allen as our financial advisors for the sale process, as we continue our efforts to maximize value for all Adelphia stakeholders," said Bill Schleyer, chairman and CEO of Adelphia. "We have been working diligently with UBS and Allen since early July to assemble appropriate documents and information to accelerate the sales process. Based on preliminary widespread interest, we expect a robust sales process."

As previously announced, Adelphia will accept bids for the whole company as well as for designated clusters through a formal process to be launched later this month. As part of that formal process, an information memorandum will be distributed to parties that have signed a confidentiality agreement with Adelphia. It is expected that final bids will be received by year-end.

Adelphia Communications Corp.