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

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

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