GREENWOOD VILLAGE, Colo., July 1, 2004 – LAWFUEL – The United State…

GREENWOOD VILLAGE, Colo., July 1, 2004 - LAWFUEL - The United States Bankruptcy Court for the Southern District of New York has definitively approved Adelphia Communications Corporation's previously announced $8.8 billion exit financing commitment, related documents associated with the commitment, and the payment of related fees and expenses. The final approval followed two days of court hearings last week and conditional approval on June 22 of the commitment, as amended. Final approval came after Adelphia, the lenders and certain creditors agreed on modifications. Adelphia (OTC: ADELQ) remains on a dual track process of vigorously pursuing a sale of the company and, on a parallel path, preparing for emergence from Chapter 11 as an independent entity. Approval of this exit facility commitment positions Adelphia to emerge as an independent entity if that is determined to be the course that produces the greatest possible value for the bankruptcy estate. As announced on February 25, 2004, the $8.8 billion fully-committed exit financing package from four of the world's largest banks will be used to finance the cash payments to be made under the company's proposed Chapter 11 Plan of Reorganization and includes a $750 million revolving credit facility to be used by the company following its emergence from bankruptcy. As previously announced, JPMorgan Chase & Co., Credit Suisse First Boston, Citigroup Inc. and Deutsche Bank AG are leading the financing package, with each providing an equal share of the commitment. This financing package includes $5.5 billion of senior secured credit facilities and a $3.3 billion bridge facility. The banks' continued commitment to the facility underscores the improvement in Adelphia's financial and operating performance About Adelphia Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest cable television company in the country. It serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over Adelphia's broadband networks. Cautionary Statement Regarding Forward-Looking Information This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Adelphia Communications Corporation's and its subsidiaries' and affiliates' (collectively, the "Company") expected future financial position, results of operations, cash flows, process for sale of the Company, restructuring and financing plans, expected emergence from bankruptcy, business strategy, budgets, projected costs, capital expenditures, network upgrades, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, 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 Company's pending bankruptcy proceeding, results of litigation against the Company and government investigations of the Company, the effects of government regulation including the actions of local cable franchising authorities, the availability of financing, actions of the Company's competitors, results and impacts of any process to sell the Company or its assets, customer response to repackaged services, pricing and availability of programming, equipment, supplies, and other inputs, the Company's ability to upgrade its network, technological developments, and changes in general economic conditions. Many of these factors are outside of the Company's control.

GREENWOOD VILLAGE, Colo., July 1, 2004 – LAWFUEL – The United State…

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