Adelphia Files Proposed Modifications to Fifth Amended Plan of Reorganization

Adelphia Files Proposed Modifications to Fifth Amended Plan of Reorganization

GREENWOOD VILLAGE, Colo., Dec. 20 /PRNewswire-FirstCall/ -- On December 19, 2006, Adelphia Communications Corporation filed proposed changes to the First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization (the "Plan") with the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court"), marked to show changes against the version filed with the Bankruptcy Court on December 12, 2006. The proposed modifications reflect additional discussions with the interested parties as well as certain changes resulting from the hearing to consider confirmation of the Plan (the "Confirmation Hearing"). The Plan is subject to approval of the Bankruptcy Court. The Confirmation Hearing commenced on December 7, 2006 and ended on December 19, 2006.

A copy of the proposed revisions to the Plan are available at the following website: http://www.adelphiarestructuring.com/. Information contained on this website is not incorporated by reference into this press release. This press release is not intended to be, nor should it be construed as, a solicitation for a vote on the Plan.

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 transactions with TW NY and Comcast, 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 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.

First Call Analyst:
FCMN Contact: mark.spiecker@adelphia.com

Source: Adelphia Communications Corporation

CONTACT: Media and Investor Relations, Mark Spiecker of Adelphia
Communications Corporation, +1-303-268-6545

Web site: http://www.adelphia.com/
http://www.adelphiarestructuring.com/

Company News On-Call: http://www.prnewswire.com/comp/010150.html

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