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Bankrupt Adelphia’s losses deeper in Nov.

Dec 30, 2002  •  Post A Comment

Adelphia Communications Corp. reported a net loss of $111.5 million, or 44 cents a share, for November, compared with a loss of $104.6 million, or 42 cents a share, for October, according to a monthly operating report filed last week with the U.S. Bankruptcy Court in Manhattan.
Revenue fell slightly to $281.3 million in November from $282.2 million in October and cash and cash equivalents on Nov. 30 were $426.7 million, down from $471.2 million at the beginning of November, the report said.
Included in the November results was an $86.2 million expense for other-than-temporary impairment of investments and other assets, Adelphia said.
The company also said it had $300 million available under its $1.5 billion debtor-in-possession loan facility on Nov. 30, with $1 billion of availability subject to the company satisfying certain conditions.
Adelphia has been operating under Chapter 11 bankruptcy protection since June.
It filed for bankruptcy amid a federal criminal investigation into charges of fraud on the part of senior management. That probe led to indictments in September of company founder John Rigas, two of his sons and two other executives.
One of the executives, former VP of Finance James Brown, pled guilty to conspiracy, securities fraud and bank fraud and agreed to testify against the others, who have entered not guilty pleas.