ACC Claims extends exchange for claims against Adelphia until May 12

By Susanna Moon

Chicago, May 6 – ACC Claims Holdings, LLC said it once more extended the exchange offers for holders to receive limited liability company interests for their allowed senior note claims, trade claims and other unsecured claims against Adelphia Communications Corp.

The exchange offers now will end at 5 p.m. ET on May 12, extended from 5 p.m. ET on May 5 and, before that, April 28, April 21, April 14, April 7 and March 31.

As of May 5, holders had tendered for exchange $3,973,169,416 original principal amount of senior claims outstanding, $250,426,319.09 of ACC 4 claims outstanding and $44,646,944.11 of ACC 5 claims outstanding, according to a company update.

ACC said the claims will continue to accrue post-effective date interest between the original expiration date and the extended expiration date, and that the payment offered to holders will be increased by a corresponding amount.

As of the original expiration, holders had tendered $2,915,671,408 original principal amount of senior claims outstanding, $176,999,113.13 of ACC 4 claims outstanding and no ACC 5 claims outstanding in the exchange offers.

As previously reported, eligible holders are invited to exchange

• Class A limited liability company interests of ACC Claims for up to all of the outstanding ACC senior notes claims (class ACC 3) allowed under the plan of reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the expiration date of the offers, against Adelphia; and

• Class B limited liability company interests of ACC Claims for up to all of the outstanding ACC trade claims (class ACC 4) allowed under the plan of reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the expiration date of the offers, and ACC other unsecured claims (Class ACC 5) allowed under the plan of reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the expiration date of the offers, against Adelphia.

The exchange offers began March 3.

The exchange offers are only being made to holders who are qualified purchasers under the Investment Company Act of 1940.

The dealer manager is Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527). The information agent and exchange agent is D.F. King & Co., Inc. (800 761-6523 or 212 269-5550).

ACC Claims is a Delaware limited liability company formed on Nov. 18 for the purpose of liquidating the claims and distributing the proceeds to the holders of its limited liability company interests. Adelphia is a Greenwood Village, Colo.-based cable operator that emerged from bankruptcy Feb. 13, 2007.

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