Adelphia Announces Full Resolution of Motorola Suit and Completion of Settlement
, and Subsequent Distributions to Holders of Allowed Claims Against Adelphia Communications Corporation.
DENVER -- Adelphia Communications Corporation ("ACC") announced that the lawsuit entitled Adelphia Communications Corporation, et al, v. Motorola, Inc., et al, Adversary Case NO. 06-01558-REG has been fully resolved pursuant to a settlement reached among all parties to the suit. The settlement was approved by United States Bankruptcy Judge, Ceceila G. Morris, on December 14, 2009, and payments to ACC were made pursuant to the settlement on December 29, 2009. A copy of Judge Morris' order approving the settlement and describing its terms is available in the "Important Documents Adelphia Recovery Trust" section of Adelphia's website at www.adelphiarestructuring.com.
ACC also announces that a subsequent distribution will be made today in a total amount of $133 million in cash to holders of Allowed Claims against the parent ACC pursuant to the 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 (the "Plan").
A chart summarizing the distribution of cash to be made to classes of ACC Claims is available in the Important Documents section of the Company's website at www.adelphiarestructuring.com. The chart 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 as a result of the release of 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.
Creditor inquiries regarding distributions under the Plan should be directed to creditor.inquiries@adelphia.com.
About Adelphia
The Effective Date of the Plan occurred on February 13, 2007. ACC continues under the management of Quest Turnaround Advisors, LLC, the Plan Administrator, to liquidate its assets and administer its plan of reorganization. Prior to the sale of substantially all of the consolidated assets of Adelphia to Time Warner NY Cable LLC and Comcast Corporation on July 31, 2006, ACC 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.
DENVER -- Adelphia Communications Corporation ("ACC") announced that the lawsuit entitled Adelphia Communications Corporation, et al, v. Motorola, Inc., et al, Adversary Case NO. 06-01558-REG has been fully resolved pursuant to a settlement reached among all parties to the suit. The settlement was approved by United States Bankruptcy Judge, Ceceila G. Morris, on December 14, 2009, and payments to ACC were made pursuant to the settlement on December 29, 2009. A copy of Judge Morris' order approving the settlement and describing its terms is available in the "Important Documents Adelphia Recovery Trust" section of Adelphia's website at www.adelphiarestructuring.com.
ACC also announces that a subsequent distribution will be made today in a total amount of $133 million in cash to holders of Allowed Claims against the parent ACC pursuant to the 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 (the "Plan").
A chart summarizing the distribution of cash to be made to classes of ACC Claims is available in the Important Documents section of the Company's website at www.adelphiarestructuring.com. The chart 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 as a result of the release of 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.
Creditor inquiries regarding distributions under the Plan should be directed to creditor.inquiries@adelphia.com.
About Adelphia
The Effective Date of the Plan occurred on February 13, 2007. ACC continues under the management of Quest Turnaround Advisors, LLC, the Plan Administrator, to liquidate its assets and administer its plan of reorganization. Prior to the sale of substantially all of the consolidated assets of Adelphia to Time Warner NY Cable LLC and Comcast Corporation on July 31, 2006, ACC 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.
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