Higher reorganization expenses and declining revenue helped to push Adelphia Communications Corp. to a wider loss during the month of November, according to documents filed with the Securities and Exchange Commission.
Net losses for the month rose to $36.3 million (14 cents per share), compared to a net loss of $16.1 million (6 cents per share) in October.
Adelphia, which filed for Chapter 11 bankruptcy protection in 2002, is required by the court to file monthly operating reports. In April, it agreed to sell its assets to Time Warner Inc. and Comcast Corp. for $17.6 billion in cash and stock.
According to the report, filed with the SEC on Dec. 23, reorganization expenses climbed $3 million during November, and total costs and expenses were $10 million higher during the month. Revenue was down 2.7% in November to $340.9 million, compared to $350.4 million in October.
Adelphia also lost about 12,000 subscribers in November, reporting 4.945 million basic cable customers for November, compared to 4.958 million basic subscribers in October. Digital subscribers were up by 5,000 customers to 2.003 million and high-speed Internet customers rose by about 18,000 subscribers to 1.599 million. Excluded from the subscriber rolls were about 140,000 customers in Puerto Rico that were jointly owned by ML Media Partners and Adelphia. Those systems were sold to private equity firms MidOcean Partners and Crestview Partners in October for $520 million.