Update - Adelphia Announces Effective Date of Plan of Reorganization

Update - Adelphia Announces Effective Date of Plan of Reorganization

Information on Effective Date Distributions

Quest Turnaround Advisors, L.L.C. Assumes Plan Administrator Duties

GREENWOOD VILLAGE, Colo., Feb. 13 /PRNewswire-FirstCall/ -- Adelphia Communications Corporation announced today that the Effective Date of its First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of Adelphia Communications Corporation and Certain Affiliated Debtors, dated as of January 3, 2007, as Confirmed, occurred today, February 13, 2007.

Included as Exhibit A to this Press Release is a chart summarizing the initial distributions of cash, shares of Time Warner Cable Class A Common Stock and CVV Interests being made to certain classes of Claims. Actual distributions may vary due to rounding. In order to calculate the number of initial shares being distributed, a deemed value of $34.63 per share of Time Warner Cable Class A Common Stock was used. The chart in Exhibit A also contains an estimate of the number of additional shares of TWC Class A Common Stock distributable in connection with the True Up Mechanism contained in the Plan at three sample assumed potential values for the TWC Class A Common Stock. The chart in Exhibit A does not reflect additional distributions that may be made over time as a result of the release of escrows, reserves and holdbacks. The amount and timing of such distributions pursuant to the True Up Mechanism and as a result of the release of the escrows, reserves and holdbacks are subject to the terms and conditions of the Plan and numerous other conditions and uncertainties, many of which are outside the control of Adelphia and its subsidiaries.

The CVV Interests are units in a trust pursuing certain claims against third party lenders, accountants and other parties. The chart in Exhibit A also contains an estimate of the aggregate number of each class of CVV Interests being issued, excluding additional CVV Interests that may be issued in respect of Claims that are disputed as of the Effective Date.

Included as Exhibit B to this Press Release is a chart summarizing the initial distributions being made to certain classes of Equity Interests under the Plan.

Pursuant to the Plan, on the Effective Date, each Debtor's board of directors was deemed removed and Quest Turnaround Advisors, L.L.C. and its designees assumed the responsibility for, among other things, managing the Debtors and implementing the Plan.

The Company also announced that today it intends to file a Form 15 to suspend its reporting obligations under the Securities Exchange Act of 1934.

Creditor inquiries regarding distributions under the Plan should be directed to creditor.inquiries@adelphia.com.

Exhibits A and B summarizing the initial distributions being made to certain classes of Claims and Equity interests under the Plan are available at www.adelphiarestructuring.com under the "important documents" section.

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 Transaction 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 administration of the Plan, 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 Transaction with TW NY and Comcast, whether all of the transactions contemplated by the settlements with the SEC and the U.S. Attorney are consummated, the Company's administration of the Plan, the tax effects of various aspects of the Plan, 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 at the restructuring website at www.adelphiarestructuring.com. Information contained on this Internet website or 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: Mark Spiecker of Adelphia Communications Corporation,
+1-303-268-6304, mark.spiecker@adelphia.com

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

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

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