Exhibit 99.1

 

 

For Immediate Release	Contacts:
	(Media) Paul Jacobson (303) 268-6426
	(Media) Erica Stull (303) 268-6502
	(Investor Relations) Jeff Lawton (303) 268-6419

 

Adelphia Files Second Amended Plan of Reorganization

 

Represents Another Step Toward Bankruptcy Resolution and
Completion of Sale to Time Warner and Comcast

 

Greenwood Village, Colo., June 25, 2005 –

Adelphia Communications Corporation (OTC:ADELQ) today filed a second amended plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York, together with the related amended disclosure statement.

 

The filing represents continued forward progress toward ultimate resolution of the Adelphia bankruptcy case. A disclosure hearing is expected later this summer, followed by creditor balloting, and a confirmation hearing to approve a final plan of reorganization.

 

“This amended plan is another milestone in our bankruptcy process, but we still have significant work to do with all the relevant constituents ,” said Bill Schleyer, chairman and CEO of Adelphia. “Over the course of the summer, we will work diligently to balance the competing interests of our bankruptcy constituents and address open issues with a goal of being prepared for a disclosure hearing by the end of summer.  Throughout this process, maximizing value for our bankruptcy constituents has remained our most important goal.  We will keep the process moving ahead.”

 

The Company noted that this filing sets the stage for the next round of negotiations regarding the plan of reorganization. It is expected that there will be significant negotiations regarding the terms of the proposed plan of reorganization and disclosure statement as the constituents work through a number of inter-creditor issues. It is also expected that the open issues noted in the document and the anticipated negotiations, will result in additional material changes to the proposed plan and disclosure statement.

 

On April 21, 2005, Adelphia announced that it has reached definitive agreements for Time Warner Inc. (NYSE:TWX) and Comcast Corporation (Nasdaq: CMCSA, CMCSK) to acquire

 

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