ACC Claims Holdings, LLC Announces the Acceptance of Claims Tendered Pursuant to its Exchange Offers with respect to certain Claims allowed under the First Modified Fifth Amended Joint Chapter 11 Plan for Adelphia Communications Corporation and Certain of Its Affiliated Debtors

NEW YORK, May 27, 2016 /PRNewswire/ -- ACC Claims Holdings, LLC announces the acceptance of Claims validly tendered and not validly withdrawn Claims pursuant to its previously announced offers to certain eligible holders to exchange (i) class A limited liability company interests of ACC Claims Holdings, LLC 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 extended expiration date of the offers (the "Senior Claims"), against Adelphia Communications Corporation, and (ii) class B limited liability company interests of ACC Claims Holdings, LLC 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 extended expiration date of the offers (the "ACC 4 Claims"), 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 extended expiration date of the offers (the "ACC 5 Claims" and, together with the ACC 4 Claims, the "Other Claims"; the Senior Claims and the Other Claims, together, the "Claims"), against Adelphia Communications Corporation. The exchange offers expired at 5:00 p.m., New York City time, on Thursday, May 26, 2016 (the "Expiration Date"). The payment date for the exchange offers will be promptly following the Expiration Date and is expected to be on or about June 2, 2016.

The managing member of ACC Claims Holdings, LLC announces that the holders of approximately 89% of the Senior Claims and the Other Claims have validly tendered their claims pursuant to the exchange offers.  The managing member of ACC Claims Holdings, LLC has waived the minimum tender condition of 90% of the Claims held by eligible holders.  At the Expiration Date, eligible holders of $4,480,394,458.00 original principal amount of ACC Senior Notes (as defined in the Plan of Reorganization) outstanding, eligible holders of $297,348,619.16  of ACC 4 Claims outstanding and eligible holders of $45,562,809.75 of ACC 5 Claims outstanding had validly tendered their Claims pursuant to the exchange offers, and all such tenders of Claims have been accepted.

The exchange offers were made pursuant to (i) the offers to exchange, dated March 3, 2016, and supplemented and amended on March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016, April 15, 2016, and April 21, 2016, April 29, 2016, May 5, 2016,  May 13, 2016 and May 20, 2016, and (ii) the related letter of transmittal, dated as of March 3, 2016 and supplemented and amended on March 21, 2016 and May 20, 2016.

This press release is neither an offer to purchase or exchange nor a solicitation of an offer to sell or exchange securities.

ACC Claims Holdings, LLC is a Delaware limited liability company formed on November 18, 2015.  ACC Claims Holdings, LLC exists solely for the purpose of liquidating the claims and distributing the proceeds thereof to the holders of its limited liability company interests.  ACC Claims Holdings, LLC does not conduct a trade or business or engage in any transactions other than transactions merely incidental to (i) liquidation of claims, whether by sale, transfer or other disposition by ACC Claims Holdings, LLC or the claims held thereby, or be merger, consolidation or other reorganization of ACC Claims Holdings, LLC, or otherwise, and (ii) its dissolution.  

This press release includes forward-looking statements as defined under federal law. Although ACC Claims Holdings, LLC believes that its expectations are based upon reasonable assumptions, no assurance can be given that its goals will be achieved, including statements related to the exchange offers. Actual results may vary materially. ACC Claims Holdings, LLC undertakes no obligation to publicly update or revise any forward-looking statement.

Contacts

ACC CLAIMS HOLDINGS, LLC
ACC Claims Managing Member, LLC, its Managing Member
Craig R. Chobor
President

SOURCE ACC Claims Holdings, LLC