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Adelphia Hires PricewaterhouseCoopers

By Mark Scott

Coudersport, PA – Adelphia Communications confirmed Friday that they've retained PricewaterhouseCoopers as the company's new accounting firm. Adelphia's interim CEO Erland Kailborne said PricewaterhouseCoopers will offer a "fresh and independent perspective" on the company's troubled financial situation.

Adelphia terminated its long-time accountant, Deloitte and Touche, last weekend.

"Bringing on new auditors with such unassailable credentials is clearly in the best interest of all Adelphia stakeholders as we work to provide a full, prompt and candid disclosure of all material financial information affecting the company," Kailborne said.

PricewaterhouseCoopers will immediately begin to assist Adelphia with the preparation of its Form 10-K for the year ended December 31, 2001, which will be completed and released as soon as practicable. Deloitte & Touche's ongoing audit work was suspended on May 14, 2002.

Adelphia's remaining four board members will be meeting this weekend to map out future plans for the struggling company. A bankruptcy declaration may be imminent. Published reports say Adelphia is seeking special financing that's designed to keep companies operating under bankruptcy protection.