Adelphia Amends Reorganization Plan

**cablewithaview** · 09-29-2005 12:40 AM

GREENWOOD VILLAGE, Colo. - Adelphia Communications Corp. filed its third amended plan of reorganization with the U.S. bankruptcy court in New York Wednesday as it seeks to emerge from bankruptcy and complete the sale of its assets to Time Warner Inc. and Comcast Corp. later this year.

In a statement, the company said it expects significant negotiations to continue that will result in changes.

A disclosure hearing in court is expected next month, the company said.

The initial plan was filed in February and amended in June after Philadelphia-based Comcast and New York-based Time Warner agreed in April to acquire Adelphia's cable assets and some liabilities for $12.7 billion in cash and 16 percent of the common stock of Time Warner's cable subsidiary, Time Warner Cable Inc.

Adelphia, the country's fifth-largest cable television company, has more than 5 million customers in 31 states and Puerto Rico.

It declared bankruptcy in 2002 after disclosing $2.3 billion in off-balance-sheet debt. In June, founder John Rigas was sentenced to 15 years in prison for his role in the looting and fraud at Adelphia. His son, former finance chief Timothy Rigas, got 20 years.

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**korsjs** · 09-29-2005 10:27 AM

here are the liinks to the their press releases. i did not want to post all the text as it is quite large and are pdf files.

http://www.adelphia.com/pdf/POR_9-05_Press_Release_FINAL.pdf

http://www.adelphia.com/pdf/092805_Third_Amended_Plan.pdf

http://www.adelphia.com/pdf/092805_Third_Amended_Disclosure_Statement.pdf