Adelphia Amends Reorg Plan

GREENWOOD VILLAGE, Colo. -- Adelphia Communications Corporation today filed an amended plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York, together with the related amended disclosure statement.

Among other things, the amended plan formally facilitates the sale process by allowing for the distribution of sale consideration to Adelphia's creditors upon a sale of all or a portion of Adelphia's assets. At the same time, the plan preserves Adelphia's ability to emerge from Chapter 11 bankruptcy as an independent entity. The amended plan also adds provisions designed to facilitate potential compromises of outstanding inter-creditor disputes and governmental settlement demands in the context of a potential global settlement.

"Our goal of maximizing value for all constituents remains our number one priority, and to that end, we remain focused on the dual track of selling the Company or emerging from bankruptcy as an independent company," said Bill Schleyer, chairman and CEO of Adelphia. "Today's filing reflects our continued progress towards this goal and evidences our efforts to balance input from our many constituents."

As previously announced, Adelphia is conducting a sale process for the Company as a whole or in seven strategic clusters. The Company is in the process of reviewing bids received in its sale process and anticipates, following negotiations with the bidders, announcing the results of the sale process sometime before the end of the first quarter.

Adelphia Communications Corp.