(ADELQ) (OTC:ADELQ)
Industry: Services
Adelphia Communications Corporation's (Adelphia), incorporated in July 1986, is engaged primarily in the cable television business. The Company's operations primarily consist of providing analog and digital cable services, high-speed Internet (HIS) services and other advanced services over its cable systems. These services are generally provided to residential subscribers. At December 31, 2005, the Company's consolidated cable operations served approximately 4,936,000 basic cable subscribers, of which approximately 2,008,000 also received digital cable service. The Company's consolidated cable systems also provided HSI services to approximately 1,714,000 subscribers at December 31, 2005. With the exception of approximately 55,000 basic cable subscribers that were located in Brazil, all of its consolidated basic cable subscribers at December 31, 2005 were located in the United States. Adelphia's domestic consolidated cable operations are located in 31 states, with large clusters in Los Angeles, New England, Western New York, West Palm Beach, Cleveland, Western Pennsylvania, Northern Virginia and Colorado Springs. In June 2002, Adelphia and substantially all of its domestic subsidiaries (the Debtors) filed voluntary petitions to reorganize (the Chapter 11 Cases) under Chapter 11 of Title 11 (Chapter 11) of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). On October 6 and November 15, 2005, certain additional subsidiaries filed voluntary petitions to reorganize, at which time they became part of the Debtors and the Chapter 11 Cases. Effective April 20, 2005, Adelphia entered into definitive agreements (the Purchase Agreements) with Time Warner NY Cable LLC (TW NY) and Comcast Corporation (Comcast), which provide for the sale of substantially all of the Company's United States assets. On November 21, 2005, the Debtors filed their Fourth Amended Joint Plan of Reorganization, as may be amended or modified (the Plan), and related Fourth Amended Disclosure Statement (the Disclosure Statement) with the Bankruptcy Court. On June 3, 2005, Adelphia's subsidiary, Century Communications Corp. (Century), entered into an interest acquisition agreement with ML Media Partners, L.P. (ML Media), Century/ML Cable Venture (Century/ML Cable), Century-ML Cable Corporation, a subsidiary of Century/ML Cable (Century-ML Cable Corp.), and San Juan Cable, LLC (the IAA), pursuant to which, subject to the terms and conditions thereof, ML Media and Century agreed to sell their interests in Century/ML Cable to San Juan Cable, LLC, a Puerto Rico limited liability company, in which MidOcean Partners, LP, Crestview Capital Partners LP and other investors are members (San Juan Cable). The sale of Century/ML Cable to San Juan Cable was consummated on October 31, 2005 (the Century/ML Sale). Video Services Video services represented approximately 77% of the Company's total revenue during the year ended December 31, 2005. Adelphia offers these services to its customers for a monthly subscription fee. The Company's video services consist of basic cable, expanded basic, premium services, pay-per-view programming, digital cable and advanced services. The basic cable service generally consists of between 10-20 channels. This service generally consists of programming provided by national television networks, local broadcast television stations, a limited number of satellite-delivered channels and public, educational and governmental access channels. The expanded basic service generally consists of a group of satellite-delivered or non-broadcast channels in addition to the basic cable service channel line-up. Adelphia's premium service channels provide, without commercial interruption, movies, live and taped concerts, sporting events, and other programming. The Company's pay-per-view programming service allows its customers to order special events or movies on a per-event basis for a fee. The Company's digital cable services offer customers more channels an
As Of: 10/07 00:00 ET
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